ATP Oil & Gas $525 million term loan to launch Friday

By Sara Rosenberg

New York, May 31 - ATP Oil & Gas Corp. is scheduled to hold a conference call on Friday to launch its proposed $525 million term loan, according to a market source.

Credit Suisse is the lead on the deal.

The term loan is talked at Libor plus 350 basis points, the source said.

Proceeds will be used to refinance the company's $350 million five-year term loan that was obtained in April and carries an interest rate of Libor plus 550 basis points, and to help fund the acquisition of some offshore properties.

The company has decided to come to market with this somewhat opportunistic refinancing since it has performed exceptionally well and credit stats have improved dramatically, the source explained.

ATP is a Houston-based natural gas and oil company.

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