Ultra Petroleum Arranges $500 Million Senior Note Offering
December 23 2009 - 10:50AM
PR Newswire (US)
HOUSTON, Dec. 23 /PRNewswire-FirstCall/ -- Ultra Petroleum Corp.
(NYSE: UPL) today announced that its wholly owned subsidiary Ultra
Resources has entered into an agreement with a group of thirteen
institutional investors providing for the private placement of
$500.0 million in Senior Unsecured Notes. Ultra expects the Notes
will be issued in a series of tranches as described in the table
below. Amount Term Coupon Rate $116.0 million 7 year term due in
2017 4.98% $207.0 million 10 year term due in 2020 5.50% $87.0
million 12 year term due in 2022 5.60% $90.0 million 15 year term
due in 2025 5.85% Closing of the offering is anticipated to occur
prior to mid-February 2010. Net proceeds from the offering will be
used to repay existing bank debt and for general corporate
purposes, including funding of the company's previously announced
acquisition. "The positive response from the debt market is evident
in the terms and duration of the senior notes and affirms the
low-risk nature of Ultra's oil and gas portfolio," stated Michael
D. Watford, Chairman, President and Chief Executive Officer. About
Ultra Petroleum Ultra Petroleum Corp. is an independent exploration
and production company focused on developing its long-life natural
gas reserves in the Green River Basin of Wyoming - the Pinedale and
Jonah Fields; and is in the early stages of exploration in the
Appalachian Basin in Pennsylvania. Ultra is listed on the New York
Stock Exchange and trades under the ticker symbol "UPL". The
company had 151,443,094 shares outstanding on November 30, 2009.
This release can be found at http://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.
The opinions, forecasts, projections or other statements, other
than statements of historical fact, including our ability to
consummate the acquisition described in this release, are
forward-looking statements. Although the company believes that the
expectations reflected in such forward-looking statements are
reasonable, we can give no assurance that such expectations will
prove to have been correct. Certain risks and uncertainties
inherent in the company's businesses are set forth in our filings
with the SEC, particularly in the section entitled "Risk Factors"
included in our Annual Report on Form 10-K for our most recent
fiscal year and from time to time in other filings made by us with
the SEC. These risks and uncertainties include the results of our
diligence review of properties, increased competition, the timing
and extent of changes in prices for oil and gas, particularly in
Wyoming, the timing and extent of the company's success in
discovering, developing, producing and estimating reserves, the
effects of weather and government regulation, availability of oil
field personnel, services, drilling rigs and other equipment, and
other factors listed in the reports filed by the company with the
SEC. http://www.newscom.com/cgi-bin/prnh/20020226/DATU029LOGO
http://photoarchive.ap.org/ DATASOURCE: Ultra Petroleum Corp.
CONTACT: Kelly L. Whitley, Manager Investor Relations of Ultra
Petroleum Corp., +1-281-876-0120, ext. 302, Web Site:
http://www.ultrapetroleum.com/
Copyright