ATP talks $140 million incremental term loan at Libor plus 750 bps

By Sara Rosenberg

New York, Feb. 21 - ATP Oil & Gas Corp. is talking its $140 million add-on first-lien senior secured term loan at Libor plus 750 basis points with a 1.5% Libor floor and an original issue discount of 99, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal that has already been launched to lenders.

Commitments are due on Feb. 27.

ATP said in a recent news release that it expects to be able to do the upsizing since pre-tax PV10 of proved reserves are anticipated to be no less than $4 billion, based on preliminary estimates of its year-end 2011 reserve report.

The funds are targeted to be available after the company files in mid-March its year-end 2011 annual and reserve reports. The funds will be used for general corporate purposes.

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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