ATP OIL & GAS CORP

20 June 2012capital raising announcement▼ BadMajor

On June 20, 2012 ATP closed a $35M private placement with one institutional investor: an 8.0% unsecured convertible note maturing December 20, 2013, plus a warrant for 3,923,767 shares at $6.69. The note converts at $4.46 per share, or at 87% of market price if ATP pays installments in stock, so it can dilute existing shareholders; about $1.65M of expenses were incurred and ATP intends to use the proceeds for working capital. ATP also agreed to seek shareholder approval to issue more than 20% of its shares if needed.

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29 Sept 2009capital raising announcement● NeutralMajor

The June 2009 share sale was followed by a second raise: ATP sold 5,300,000 new common shares at $18.50 each (net about $93.4M), closing September 29, 2009, with an option for 795,000 more. It also privately placed 1,400,000 shares of 8.00% convertible perpetual preferred stock at $100 each (net about $135.5M), convertible at an initial $22.20 per share (about 6.3M common shares in total). Both dilute existing holders, and the preferred carries an 8% dividend (when declared) and limits on common dividends/buybacks if preferred dividends go unpaid. The press release says proceeds are meant for capital spending (primarily Telemark), debt reduction and general purposes.

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21 Mar 2006capital raising announcement● NeutralMajor

On March 20, 2006 ATP privately sold 150,000 shares of new 12 1/2% series B cumulative perpetual preferred stock at $1,000 each, raising $150.0M gross and paying $4.50M in placement commissions. Like the August 2005 series A preferred, it is not convertible into common stock, so it adds a second preferred class to the share structure. The filing does not say how the money will be used.

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8 Aug 2005capital raising announcement● NeutralMajor

On August 2, 2005 ATP privately sold 175,000 shares of new 13 1/2% series A cumulative perpetual preferred stock at $1,000 each, raising $175.0M gross and paying $5.25M in placement commissions. The preferred is not convertible into common stock. It ranks as a new class of securities ahead of common shareholders in the share structure (inference: standard for preferred stock, not stated in the filing).

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3 Dec 2004capital raising announcement● NeutralMajor

ATP sold 4,000,000 new common shares at $14.00 each in a private placement to accredited investors, closing December 1, 2004, for about $53.2M net after $2.8M in placement fees. Chairman T. Paul Bulmahn separately sold 435,857 of his own shares in the offering, with no proceeds to the company. New shares increase the share count, and the company must file a resale registration statement within 30 days of closing.

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