ATP Oil & Gas gets $150 million term loan led by Credit Suisse

By Sara Rosenberg

New York, June 24 - ATP Oil & Gas Corp. entered into an agreement for a new $150 million term loan due Oct. 15, 2014, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Credit Suisse acted as the lead arranger, bookruner and administrative agent on the deal that was completed on June 18.

However, closing and funding of the transaction is subject to normal and customary conditions, which are expected to be satisfied by June 30.

Pricing on the term loan is 11%.

There is call protection of 104 in year one, 103 in year two and 102 in year three.

There is a $350 million accordion feature.

Proceeds were used to replace the company's existing $100 million revolver.

Also, on June 18, the company repaid all of its obligations under a credit facility led by JPMorgan. The total amount repaid was $200,000.

ATP is a Houston-based developer and producer of oil and natural gas.

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