ATP Titan gets $350 million term loan led by CLG Energy Finance

By Sara Rosenberg

New York, Sept. 27 - ATP Titan LLC closed on a new $350 million term loan, according to a news release.

CLG Energy Finance LLC, an affiliate of Beal Bank Nevada, is the lead on the loan.

Pricing on the term loan is Libor plus 800 basis points with a 75 bps Libor floor.

Amortization is 8% in the first year, 9% during the second year and then 10% thereafter until maturity in September 2017.

ATP Titan is a new U.S.-built floating production facility that began production operations at ATP Oil & Gas Corp.'s deepwater Telemark Hub in March.

At close, $150 million of the term loan was drawn. An additional $100 million can be borrowed when ATP begins production from the second well at the Telemark Hub, the Mississippi Canyon 941 #3 well, and the remaining $100 million can be drawn as ATP brings to production the third and fourth wells at the Telemark Hub.

Although ATP Oil holds a 100% ownership in ATP Titan, it does not guarantee the new term loan.

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