ATP Oil & Gas Corp. (ATPG) announced that it has priced a private offering of 1.25 million shares of new series of 8.00% convertible perpetual preferred stock for net proceeds of about $121 million. The company estimates to close the private offering to occur on September 29, 2009.
The company has also granted a 30-day option to the initial purchasers to buy about 350,000 additional shares to cover any over-allotments.
The company said that the annual dividend on each share of convertible preferred stock is $8.00 and is payable quarterly, in arrears, on each January 1, April 1, July 1, and October 1, commencing on January 1, 2010.
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