ATP ups term loan to $155 million, cuts spread to Libor plus 725 bps

By Sara Rosenberg

New York, March 6 - ATP Oil & Gas Corp. increased its add-on first-lien senior secured term loan to $155 million from $140 million and lowered pricing to Libor plus 725 basis points from Libor plus 750 bps, according to a market source.

The 1.5% Libor floor and original issue discount of 99 were left unchanged, the source said.

Recommitments were due at 3 p.m. ET on Tuesday.

With the add-on, the company's existing $208.2 million fixed-rate term loan will be converted into a floating-rate loan with the same terms as the new debt, the source added.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds from the incremental loan will go toward general corporate purposes.

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

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