ATP Oil & Gas Adds New Subordinated Debt Facility
ATP Oil & Gas has closed a $160 million unsecured subordinated term loan facility. The new Facility matures in 2011 and can be prepaid by the company at any time, subject to the company's existing senior credit agreement. The proceeds of the Facility will be used to fund near-term development opportunities and for general corporate purposes.
T. Paul Bulmahn, Chairman & President of ATP Oil & Gas Corporation, stated, "I am pleased with the strong support received from our investors in this successful debt offering. It is a testimonial to the financial strength of the company that we were able to accomplish this transaction in the face of the present turbulence in the financial markets. This new facility provides additional funding for expansion of ATP's strategy for enhanced shareholder value in 2007, 2008 and beyond."
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