ATP Commences Private Offering

ATP has commenced a private offering to eligible purchasers of approximately $125 million of a new series of convertible perpetual preferred stock. The company expects to grant a 30-day option to the initial purchasers to purchase approximately $18.75 million in additional shares of convertible perpetual preferred stock to cover any over-allotments. The convertible perpetual preferred stock has a liquidation preference of $100 per share and will be convertible into shares of ATP common stock at a conversion price to be determined at the time of pricing. ATP intends to use the net proceeds from this offering to fund capital expenditures, primarily at its Telemark location in the deepwater Gulf of Mexico, to reduce indebtedness and for general corporate purposes.




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