Ultra Petroleum Corp. Enters into Agreements to Exchange an Incremental $24.1 Million Principal Amount of 2022 Notes Under Mo...
January 23 2019 - 4:06PM
Today Ultra Petroleum Corp. ("Ultra Petroleum" or the “Company”)
(NASDAQ: UPL) announced it has entered into agreements to effect,
subject to customary settlement procedures, an incremental notes
exchange transaction that provides for the exchange of
approximately $24.1 million aggregate principal amount of its
6.875% Senior Notes due 2022 (the “2022 Notes”) for approximately
$14.5 million of new 9.00% Cash / 2.00% PIK Senior Secured
Second Lien Notes due July 2024 (“Second Lien Notes” and such
exchange, this “Incremental Exchange”).
This Incremental Exchange was executed at more favorable terms
for the Company than the exchange transaction that the Company
closed on December 21, 2018 (the “Prior Exchange”). For each $1,000
aggregate principal amount of 2022 Notes to be exchanged in the
Incremental Exchange, the holders thereof received $600 in
aggregate principal amount of Second Lien Notes issued by the
Company’s wholly owned subsidiary, Ultra Resources, Inc. No stock
warrants were included in this Incremental Exchange.
Including this Incremental Exchange and the Prior Exchange, the
Company will have exchanged for Second Lien Notes approximately
$529.1 million aggregate principal amount, or 75.6 percent, of
its 2022 Notes and $275 million aggregate principal amount, or 55.0
percent, of its 7.125% Senior Notes due 2025. Following the closing
of this Incremental Exchange, the Company will retain the ability
under the indenture governing the issuance of the Second Lien Notes
to further exchange approximately $30.9 million of the remaining
2022 Notes within one year of the Prior Exchange on the same
terms or terms that are more favorable to the Company than those
included in the Prior Exchange.
Centerview Partners LLC has served as financial advisor to the
Company. Kirkland & Ellis LLP served as legal advisor to the
Company.
About Ultra Petroleum
Ultra Petroleum Corp. is an independent energy company engaged
in domestic natural gas and oil exploration, development and
production. The Company is listed on NASDAQ and trades under the
ticker symbol “UPL”.
Additional information on the Company is available at
www.ultrapetroleum.com. In addition, our filings with the
Securities and Exchange Commission (“SEC”) are available by written
request to Ultra Petroleum Corp. at 116 Inverness Drive East,
Suite 400, Englewood, CO 80112 (Attention: Investor Relations) or
on our website (www.ultrapetroleum.com) or from the SEC on their
website at www.sec.gov or by telephone request at
1-800-SEC-0330.
This news release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Any statement, including any opinions, forecasts,
projections or other statements, other than statements of
historical fact, are or may be forward-looking statements. Although
the Company believes the expectations reflected in any
forward-looking statements herein are reasonable, we can give no
assurance that such expectations will prove to have been correct
and actual results may differ materially from those projected or
reflected in such statements. In addition, certain risks and
uncertainties inherent in our business as well as risks and
uncertainties related to our operational and financial results are
set forth in our filings with the SEC, particularly in the section
entitled “Risk Factors” included in our most recent Annual Report
on Form 10-K for the most recent fiscal year, our most recent
Quarterly Reports on Form 10-Q, and from time to time in other
filings made by the Company with the SEC. Some of these risks and
uncertainties include, but are not limited to, increased
competition, the timing and extent of changes in prices for oil and
gas, particularly in the areas where we own properties, conduct
operations, and market our production, as well as the timing and
extent of our success in discovering, developing, producing and
estimating oil and gas reserves, our ability to successfully
monetize the properties we are marketing, weather and government
regulation, and the availability of oil field services, personnel
and equipment.
For further information
contact:Investor Relations303-708-9740, ext. 9898Email:
IR@ultrapetroleum.com
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