ATP Oil & Gas Corp. - 2010-09-27

Newly formed ATP Titan LLC has secured a $350-million term loan facility with CLG Energy Finance LLC, and affiliate of Beal Bank Nevada. Of the facility, $150 million was funded at closing, with an additional draw request of $100 million when ATP begins production from its second well at Telemark Hub in the Gulf of Mexico. An additional $100 million in equal draws may be requested. The terms of the loan call for principal reductions of 8% in the first year, 9% during the second year and then 10% thereafter until maturity in September 2017. All payments are made quarterly and bear an annual interest rate of LIBOR (floor of 0.75%) + 8%. ATP does not guarantee the debt of ATP Titan LLC. Net cash proceeds will be used for developments in the GOM, Mexico, the North Sea and for other corporate purposes.