ATP closes $1.05B senior term loan; adds $600M asset sale facility
ATP Oil & Gas Corp. has closed a new senior secured term loan facility.
T. Paul Bulmahn, chairman and CEO of ATP, stated, "The new term facility provides two very important pieces of capital for ATP. First, it puts in place a truly long-term, six-year financing of $1.05 billion at rates that are extremely competitive in today's market. This facility will provide ATP the ability to continue to execute its plans for development and acquisitions for the next several years.
Secondly, and equally important, the new facility provides an asset sale facility that will enable ATP to reduce its debt by $600 million in the near term in accordance with the 2008 ATP Employee Challenge goals established in March 2008."
The $1.05 billion facility matures in July 2014. The $600 million asset sale facility has a bullet maturity in January 2011 and allows a pay down at par associated with the ATP Employee Challenge announced in March 2008.
The new term loan facility replaces a $1.2 billion senior secured loan that was scheduled to mature in April 2010 and a $210 million subordinated loan that was scheduled to mature in September 2011. Proceeds of the new facility will be used to refinance existing indebtedness and for general corporate purposes.
Credit Suisse acted as sole lead arranger for the financing.
Add RSS Feed