ATP Oil & Gas amends term loans to permit unsecured senior debt sale

By Sara Rosenberg

New York, Feb. 4 - ATP Oil & Gas Corp. amended its term loans, allowing for the sale of unsecured senior debt provided that 75% of the net proceeds be used to repay term loan borrowings, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

In addition, the calculation of EBITDAX was revised to include gains from property transactions that the company realized during the current and preceding three calendar quarters that did not qualify for gain treatment under U.S. generally accepted accounting principles.

The amendment was completed on Jan. 29.

Lenders were paid a 50 basis points amendment fee and the administrative agent received 25 bps.

ATP Oil & Gas is a Houston-based offshore oil and gas development and production company.

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