ATP Oil & Gas plans $140 million incremental first-lien term loan

By Sara Rosenberg

New York, Feb. 15 - ATP Oil & Gas Corp. is looking to expand its first-lien senior secured term loan by $140 million, according to a news release.

Syndication is expected to wrap up by early March, and the funds are targeted to be available after the company files in mid-March its year-end 2011 annual and reserve reports.

ATP said in the release that it expects to be able to do the upsizing since pre-tax PV-10 of proved reserves are anticipated to be no less than $4 billion, based on preliminary estimates of its year-end 2011 reserve report.

The loan is currently sized at $208 million.

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

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