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Rodman & Renshaw, LLC Serves as Advisor to ATP on the Monetizing of ATP Titan with the Formation and Funding of ATP Titan LLC
Rodman & Renshaw Capital Grp. (MM) (NASDAQ:RODM)


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Today : Monday 27 September 2010
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), a leading full service investment bank for growth companies, today announced its role as advisor to ATP and ATP Titan LLC on the formation and funding of ATP Titan LLC.

ATP Oil & Gas Corporation (NASDAQ: ATPG) earlier today announced the formation of ATP Titan LLC to monetize its investment in the ATP Titan. The ATP Titan is a new U.S.-built floating production facility that began production operations at ATP’s deepwater Telemark Hub in March 2010. This is the second monetization of ATP’s floating production infrastructure; ATP monetized the ATP Innovator located at ATP’s deepwater Gomez Hub in March 2009.

ATP Oil & Gas Corporation (“ATP” or “the Corporation”) contributed its ownership in the ATP Titan platform and related assets to ATP Titan LLC (the “LLC”), a wholly owned and unrestricted subsidiary. Simultaneously with the transfer, the Corporation entered into an exclusive platform use agreement with LLC and LLC secured a $350 million term loan facility with CLG Energy Finance, LLC (“CLG Energy”), an affiliate of Beal Bank Nevada. The facility was funded $150 million at closing with an additional draw request of $100 million when ATP begins production from the second well at the Telemark Hub, the Mississippi Canyon 941 #3 well. An additional $100 million in equal draws may be requested as ATP brings to production the third and fourth wells at the Telemark Hub. The terms of the loan between LLC and CLG Energy 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 LLC. The net cash proceeds from the initial term loan were distributed from LLC to the Corporation where the funds will be used for continued development of its properties in the Gulf of Mexico, the North Sea and for other corporate purposes. ATP holds a 100% ownership in LLC, remains operator and continues to hold a 100% working interest in the Telemark Hub and its oil and gas reserves.

T. Paul Bulmahn, ATP’s Chairman and CEO stated, “The formation of ATP Titan LLC demonstrates our continued commitment to monetizing our reusable fleet of floating production platforms. The ATP Titan has a designed capacity of 25 MBbls/d of oil and 50 MMscf/d of gas, ample space for additional growth, and a 40-year life. The ATP Titan will be reused and redeployed multiple times during its life span in water depths of 1,500 to 9,500 feet. We are extremely pleased to have CLG Energy and Beal Bank Nevada as our lender in the ATP Titan LLC venture.”

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. served as an advisor to ATP and ATP Titan LLC.

About ATP Oil & Gas Corporation

ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com.

About Rodman & Renshaw Capital Group, Inc.

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.

Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of deal volume of PIPE and RD financing transactions completed every year since 2005.

For more information visit Rodman & Renshaw on the Internet at www.rodm.com.

MEMBER FINRA, SIPC

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements regarding future events. In some cases, you can identify these statements by words such as “may,” “might,” “will,” “should,” “except,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements.

These factors include, but are not limited to, those discussed under the section entitled “Risk Factors” in our Annual Report on Form 10 K, filed March 16, 2010, which is available at the U.S. Securities and Exchange Commission website at www.sec.gov. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.