PLANO, Texas, Dec. 6, 2010 /PRNewswire/ -- CLG Energy Finance, LLC, an innovative direct loan originator that focuses on financing opportunities in the energy industry, announces a second round of financing to ATP Titan, LLC in the amount of $100.0 million. Funding is provided by Beal Bank Nevada, an affiliate of CLG Energy Finance.
ATP Titan, LLC, a wholly owned subsidiary of ATP Oil & Gas Corporation (Nasdaq: ATPG), received the $100 million as the second installment of a $350 million (potential total value) term loan facility. The initial funding under the facility was for $150 million in September. ATP Titan, LLC owns the ATP Titan, a new U.S.-built floating production facility that began production operations at ATP's deepwater Telemark Hub in March 2010.
CLG Energy Finance, LLC is a division of CLG Hedge Fund, LLC, an affiliate of Beal Bank Nevada, a multi-billion dollar private financial institution. CLG Energy seeks to facilitate direct lending in energy and energy-related companies, with particular emphasis on debt financing in the upstream oil and gas sector. CLG Energy considers both traditional senior-secured structures as well as one-off, structured secured loans at the project or corporate level and will consider loans ranging from $20M to $500M.
SOURCE CLG Energy Finance, LLC