Ultra Petroleum Announces Closing of $175.0 Million Incremental Term Loan
September 29 2017 - 1:12PM
Ultra Petroleum Corp. (NASDAQ:UPL) (“Ultra” or the “Company”) today
announced the closing of its previously announced $175.0 million
incremental senior secured term loan offering (the “Incremental
Term Loan”). The Incremental Term Loan bears interest at LIBOR plus
300 basis points with a 1% LIBOR floor. Pro forma for the
transaction, the Company’s total senior secured term loan
outstanding will be $975.0 million. Net proceeds from the
Incremental Term Loan will be used to refinance borrowings under
the company’s Senior Secured RBL Revolving Credit Facility.
“We are pleased that our incremental term loan
offering was met with strong demand. With the proceeds from this
transaction, we expect that our liquidity at September 30, 2017
will be approximately $400.0 million,” said Garland R. Shaw, Senior
Vice President and Chief Financial Officer.
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.
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, it 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. Certain risks and uncertainties
inherent in the Company’s business as well as risks and
uncertainties related to its operational and financial results are
set forth in its filings with the SEC, particularly in the section
entitled "Risk Factors" included in its Annual Report on Form 10-K
for the most recent fiscal year, its 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 it owns properties, conducts operations, and
markets its production, as well as the timing and extent of its
success in discovering, developing, producing and estimating oil
and gas reserves, weather and government regulation, the
availability of oil field services, personnel and equipment. The
Company’s SEC filings are available upon written request to Ultra
Petroleum Corp. at 400 North Sam Houston Parkway East, Suite 1200,
Houston, Texas 77060 (Attention: Investor Relations) or on its
website (www.ultrapetroleum.com) or from the SEC on their website
at www.sec.gov or by telephone request at 1-800-SEC-0330.
For further information
contact:Sandi Kraemer Director, Investor RelationsPhone:
281-582-6613Email: skraemer@ultrapetroleum.com
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