ATP Oil redeems all 13.5% preferreds, 12.5% preferreds

By Jennifer Chiou

New York, Nov. 22 - ATP Oil & Gas Corp. announced the redemption of all of its series A 13.5% and series B 12.5% preferred shares, which the company said will result in a net annual cost savings of $19.3 million for 2007.

The company noted it replaced this capital by expanding its first-lien term loan by $375 million and adding a new $50 million revolving line of credit and a new second-lien facility of $175 million.

Credit Suisse Securities (USA) LLC was lead arranger for the financing with participation from Bayerische Hypo-und Vereinsbank AG.

Houston-based ATP is an offshore oil and gas development and production company.

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