ATP Oil & Gas Corp. (ATPG) said that it has closed its public offering of 5.3 million shares of its common stock at a public offering price of $18.50 per share.
The company received net proceeds from the offering of about $93.4 million, after deducting the underwriters' discount and estimated offering expenses.
The company said it will use the proceeds to fund capital expenditures, primarily at its Telemark location in the deepwater Gulf of Mexico, to reduce indebtedness and for general corporate purposes.
In a separate development, the company said that it has closed its private placement of a new series of 8.0% convertible perpetual preferred stock.
Prior to this private placement closing, the initial purchasers exercised their option to purchase 150,000 shares of preferred stock to cover over-allotments.
The total amount of preferred stock issued today by the company was 1.40 million shares, with an aggregate liquidation preference of $140 million.
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