By Paul A. Harris
St. Louis, March 20 - ATP Oil & Gas Corp. priced an upsized $150 million issue of series B cumulative perpetual preferred shares to pay a dividend of 12½% last Thursday, according to an informed source.
The issue was upsized from $100 million.
The source added that the issue was taken out almost entirely by institutional accounts.
Credit Suisse ran the books for the private placement.
Proceeds will be used to expand the company's scope in certain projects, to accelerate its development activities and for general corporate purposes.
The Houston-based company is focused on development and production of natural gas and oil in the Gulf of Mexico and the North Sea.
| Issuer: | ATP Oil & Gas Corp.
|
| Amount: | $150 million (increased from $100 million)
|
| Maturity: | Perpetual
|
| Security description: | Series B cumulative perpetual preferred shares
|
| Bookrunner: | Credit Suisse
|
| Dividend: | 12½%
|
| Redemption: | Issue can be redeemed at the company's option at any time
|
| Payment: | Dividend becomes payable in cash after April 2011 or after the repayment of the current outstanding term loan, whichever comes first
|
| Trade date: | March 16
|
| Settlement date: | March 20
|
| Distribution: | Private placement
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
