June 28, 2010 (FinancialWire) — ATP Oil & Gas Corporation (NASDAQ: ATPG) said that it has priced a new $150 million first lien senior secured term loan facility. The facility replaces an existing undrawn $100 million revolving credit facility and additionally provides an option to increase the first lien loan by up to an additional $350 million (for a total of $500 million) as the company’s adjusted consolidated net tangible assets value grows.

The facility matures October 15, 2014 and carries an annual coupon of 11%. Other features include the elimination of financial maintenance covenants and the ability to reinvest within one year 100% of asset sale proceeds into future developments.

Closing is anticipated by ATP no later than June 30.

Texas-based ATP Oil & Gas is focused on development and production of oil and natural gas in the Gulf of Mexico and the North Sea.

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