ATP Oil & Gas amends credit facility to revise pricing and maturity, allow for incremental loan

By Sara Rosenberg

New York, Feb. 25 - ATP Oil & Gas Corp. amended its first-lien credit facility, reducing pricing to 9% from 11%, extending the maturity to Jan. 15, 2015 from Oct. 15, 2014 and providing for an increase in size to $210 million from $150 million, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Also, as part of the amendment, the 104 call protection on the first-lien loan has been extended to the second year anniversary date of June 29, 2012.

The change in pricing and maturity will not become effective until the incremental loan funds are borrowed.

ATP will only be allowed to draw on the incremental loan when it files its form 10-K, which is expected to occur on or about March 16, and certain other conditions are met as well.

Upon funding of the incremental loans, the company will pay initial fees to the lenders of 100 basis points and to an affiliate of Credit Suisse of 200 bps.

Proceeds from the incremental loan will be used to provide working capital for exploration and production operations and for general corporate purposes.

The amendment was completed on Feb. 19.

Credit Suisse is the administrative agent on the deal.

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

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