ATP greenshoe partly exercised, raising convertibles to $140 million

By Marisa Wong

Milwaukee, Sept. 29 – ATP Oil & Gas Corp. announced that the underwriters of its recent offering of convertible perpetual preferred stock exercised $15 million of the $35 million over-allotment option, increasing the offering to $140 million. The Rule 144A sale was completed on Tuesday, according to a press release.

ATP originally priced $125 million of convertibles on Sept. 23 with an 8% dividend and an initial conversion premium of 20%.

ATP also sold 5.3 million shares of common stock at $18.50 each.

Both offerings were sold via joint bookrunners Credit Suisse Securities and J.P. Morgan Securities Inc.

Proceeds will be used to repay debt, to fund capital expenditures and for general corporate purposes.

Houston-based ATP is an offshore oil and gas development and production company with operations in the Gulf of Mexico and the North Sea.

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