ATP Oil & Gas Corp (ATPG) said Wednesday that it closed the private placement consisting of a $35 million unsecured convertible note and a warrant to purchase shares of ATP common stock to a single institutional investor.
The note accrues interest at a rate of 8.0 percent per annum and matures on December 20, 2013. The principal and interest are payable in four quarterly installments. ATP has the option to pay the installments in cash, shares of the company's common stock or a combination.
The note is convertible into shares of ATP's common stock in whole or in part at any time at an initial conversion price of $4.46 per share.
The warrant, which has a term of 5.5 years, is exercisable for up to 3,923,767 shares of ATP's common stock at an initial exercise price of $6.69 per share. It may be exercised by the holder in whole or in part at any time after the six-month anniversary of the date of issuance.
ATP said that it intends to use the gross proceeds from the transaction for working capital.
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