Key Developments For ATP Oil & Gas Corporation
ATP Oil & Gas Corporation (ATPG.O) (Nasdaq)
ATP Oil & Gas Corporation Closes Private Placement of 8.0% Convertible Perpetual Preferred Stock
ATP Oil & Gas Corporation announced that it has closed its private placement of a new series of 8.0% convertible perpetual preferred stock. Prior to this private placement closing, the initial purchasers exercised their option to purchase 150,000 shares of preferred stock to cover over-allotments. The total amount of preferred stock issued by the company was 1,400,000 shares, with an aggregate liquidation preference of $140 million.
ATP Oil & Gas Corporation Closes Public Offering of Common Stock
ATP Oil & Gas Corporation announced that it has closed its public offering of 5.3 million shares of its common stock at a public offering price of $18.50 per share. Net proceeds from the offering were approximately $93.4 million after deducting the underwriters` discount and estimated offering expenses, and will be used to fund capital expenditures, primarily at its Telemark location in the deepwater Gulf of Mexico, to reduce indebtedness and for general corporate purposes. J.P. Morgan Securities Inc. and Credit Suisse Securities (USA) LLC acted as joint book-running managers for the common stock offering. In addition, co-managers included Canaccord Adams Inc., Pritchard Capital Partners, LLC, SMH Capital, Inc., Howard Weil Incorporated, Johnson Rice & Company L.L.C., Wunderlich Securities, Inc., C.K. Cooper & Company, Inc., Global Hunter Securities, LLC, Natixis Bleichroeder Inc., Rodman & Renshaw, LLC and FIG Partners, LLC.
ArcLight Closes on Acquisition of Gomez Pipelines from ATP Oil & Gas Corporation
ArcLight Capital Partners, LLC, through its wholly owned affiliate Offshore Infrastructure Partners, LLC (OIP), has closed on its purchase from ATP Oil & Gas Corporation of the oil and natural gas pipelines that service ATP's Gomez Hub located at Mississippi Canyon Block 711 in the deepwater Gulf of Mexico for $78 million. ATP will remain the operator of Mississippi Canyon Block 711 and will remain the operator of both pipelines. Jefferies & Company, Inc. served as exclusive financial advisor to ArcLight in the ATP transaction.
ATP Oil & Gas Corporation Prices Private Offering Of $125 Million 8.00% Convertible Perpetual Preferred Stock
ATP Oil & Gas Corporation announced that it has priced a private offering of 1,250,000 shares of a new series of 8.00% convertible perpetual preferred stock for net proceeds of approximately $121 million. Shares are being issued to qualified institutional buyers eligible under Rule 144A. The Company has also granted a 30-day option to the initial purchasers to purchase approximately 350,000 additional shares of convertible perpetual preferred stock to cover any over-allotments. The annual dividend on each share of convertible preferred stock is $8.00 and is payable quarterly, in arrears, on each January 1, April 1, July 1, and October 1, commencing on January 1, 2010, when, as and if declared by the Company's board of directors. No dividends will accrue or accumulate prior to September 29, 2009. The Company may, at its option, pay dividends in cash, common stock or any combination thereof. The convertible perpetual preferred stock has a liquidation preference of $100 per share and is convertible, at the holder's option, initially into 4.5045 shares of company common stock which is equal to an initial conversion price of approximately $22.20 per share. At any time on or after October 1, 2014, the Company may, at its option, cause all outstanding shares of the convertible preferred stock to be automatically converted if the closing price of the Company's common stock equals or exceeds certain thresholds. Closing of private offering is expected to occur on September 29, 2009.
ATP Oil & Gas Corporation Prices Public Offering Of Common Stock
ATP Oil & Gas Corporation announced that it has priced its public offering of 5.3 million shares of its common stock at a public offering price of $18.50 per share. ATP Oil & Gas Corporation has granted the underwriters a 30-day option to purchase up to 0.795 million additional shares of common stock to cover any over-allotments. Closing of the offering is expected to occur on or about September 29, 2009, subject to customary closing conditions. ATP Oil & Gas Corporation intends to use the net proceeds from the offering to fund capital expenditures, primarily at its Telemark location in the deepwater Gulf of Mexico, to reduce indebtedness and for general corporate purposes. J.P. Morgan Securities Inc. and Credit Suisse Securities (USA) LLC are joint book-running managers for the common stock offering.
