ATP launches $1.6 billion credit facility at Libor plus 475 bps

By Sara Rosenberg

New York, June 11 - ATP Oil & Gas Corp. launched its $1.6 billion credit facility with price talk of Libor plus 475 basis points, with a 3.25% Libor floor and an original issue discount of 98, according to market sources.

Tranching on the deal is comprised of a $1 billion 5.5-year term loan and a $600 million 2.5-year asset sale bridge loan.

Credit Suisse is the lead bank on the facility, which was presented to lenders via a conference call on Tuesday.

Proceeds will be used to refinance the company's existing credit facility and to repay $230 million of senior unsecured debt.

ATP is a Houston-based oil and gas acquisition, development and production company.

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