ATP ups pricing on $1.6 billion credit facility to Libor plus 525 bps

By Sara Rosenberg

New York, June 23 - ATP Oil & Gas Corp. increased pricing on its $1.6 billion credit facility to Libor plus 525 basis points from Libor plus 475 bps and the original issue discount was widened to 97½ from 98, according to a market source.

The deal's 3.25% Libor floor was left unchanged, the source said.

Tranching on the facility is comprised of a $1 billion 5.5-year term loan that has call protection of 102 in year one and 101 in year two, and a $600 million 2.5-year asset sale bridge loan.

Pricing on the asset-sale loan goes up by 50 bps on July 1, 2009 and increases by an additional 50 bps every six months following that date.

Credit Suisse is the lead bank on the deal.

Proceeds will be used to refinance the company's existing credit facility and to repay $230 million of senior unsecured debt.

ATP is a Houston-based oil and gas acquisition, development and production company.

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