ATP Expands Liquidity Position by $35 Million
June 20 2012 - 7:31AM
Business Wire
ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced that
it has closed a private placement consisting of a $35 million
unsecured convertible note and a warrant to purchase shares of ATP
common stock to a single institutional investor.
The note accrues interest at the rate of 8.0% per annum and
matures December 20, 2013. Principal and interest are payable in
four quarterly installments. ATP has the option to pay the
installments in cash, shares of the company’s common stock or a
combination.
The note is convertible at the option of the holder, in whole or
in part, at any time into shares of ATP’s common stock at an
initial conversion price of $4.46 per share. If ATP elects to pay
installments of principal and interest in shares of common stock
then the conversion price will be the lesser of (i) the initial
conversion price and (ii) 87% of the market price of the common
stock on such installment payment date.
In connection with the transaction, the purchaser also received
a warrant exercisable for up to 3,923,767 shares of ATP’s common
stock at an initial exercise price of $6.69 per share. If, on the
eighteen-month anniversary of the closing date the exercise price
of the warrant is greater than the then current market price of the
common stock, then, subject to certain conditions, the exercise
price will be reset to the market price on that date. The warrant
has a term of 5.5 years and may be exercised by the holder in whole
or in part at any time after the six-month anniversary of the date
of issuance.
ATP intends to use the gross proceeds from the transaction of
$35.0 million for working capital.
Please refer to ATP’s Form 8-K filed on June 20, 2012 for a more
complete description of the transaction.
KLR Group acted as the exclusive placement agent for the
transaction.
About ATP Oil & Gas
Corporation
ATP Oil & Gas Corporation is an international offshore oil
and gas development and production company focused in the Gulf of
Mexico, Mediterranean Sea and North Sea. The company trades
publicly as ATPG on the NASDAQ Global Select Market. For more
information about ATP Oil & Gas Corporation, visit
www.atpog.com.
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