ATP Expands Offering and Closes Private Placement
ATP Oil & Gas on Monday upsized and closed its previously announced private placement of non-convertible, perpetual preferred stock. The issue has been expanded to $150 million, and the preferred stock carries a non-cash dividend of 12.5 percent.
The company plans to use the net proceeds from this offering to expand its scope in certain projects, to accelerate its development activities, and for general corporate purposes.
The issue has no stated maturity. In addition, there is no common share
dilution to existing shareholders because the issue is not convertible into
common shares of the company. Also, there is no added debt to impact lenders
and the issue can be redeemed at the ATP's option at any time. The
dividend becomes payable in cash after April 2011 or after the
repayment of the current outstanding term loan, whichever comes first.
- Lessons from ATP Bankruptcy There for Those Who Listen (Jun 30)
- Cosco Discontinues Octabuoy Hull and Topside Module Project (Jan 12)
- Cosco Reveals Buying Interest for Octabuoy Hull and Topside Module (Jul 23)