8% notes due 2013 sold through agent KLR Group to fund working capital
By Devika Patel
Knoxville, Tenn., June 20 - ATP Oil & Gas Corp. settled a $35 million private placement of unsecured convertible notes on June 20, according to an 8-K filed Wednesday with the Securities and Exchange Commission. KLR Group was the agent.
The 8% notes are due on Dec. 20, 2013 and are convertible into common shares at an initial conversion price of $4.46 per share, which is identical to the June 19 closing share price.
Investors also will receive warrants for 3,923,767 shares. The warrants are each initially exercisable for five and a half years at $6.69, which is a 50% premium to the June 19 closing share price of $4.46. The strike price may be adjusted.
Proceeds will be used for working capital.
The oil and gas development and production company is based in Houston.
| Issuer: | ATP Oil & Gas Corp.
|
| Issue: | Unsecured convertible notes
|
| Amount: | $35 million
|
| Maturity: | Dec. 20, 2013
|
| Coupon: | 8%
|
| Conversion price: | $4.46
|
| Warrants: | For 3,923,767 shares
|
| Warrant expiration: | Five and a half years
|
| Warrant strike price: | $6.69
|
| Agent: | KLR Group
|
| Settlement date: | June 20
|
| Stock symbol: | Nasdaq: ATPG
|
| Stock price: | $4.46 at close June 19
|
| Market capitalization: | $229.5 million
|
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