ATP Significantly Expands Liquidity Position
ATP Oil & Gas Corporation (NASDAQ: ATPG) has allocated the previously announced First Lien expansion and received additional liquidity. The First Lien expansion was increased from $140 million to $155 million and the interest rate was reduced from a floating 9.00% to 8.75% per annum. In addition, the existing holders of the First Lien converted their fixed 9.00% interest rate to the floating 8.75%. Funding of the available amount is scheduled after the filing of the company's Form 10-K.
As a result of asset sale transactions, ATP has also received additional liquidity of approximately $60 million during March 2012 and during the remainder of March 2012 the company expects to receive additional liquidity in excess of $100 million from asset sale transactions that are scheduled to close during March 2012.
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