Ultra Petroleum Corp. Closes on Previously Announced Debt Exchange Agreement Reducing Long-Term Debt by Approximately $235 Mi...
26 Dezembro 2018 - 7:05PM
Ultra Petroleum Corp. (“Ultra Petroleum” or the “Company”) (NASDAQ:
UPL) closed on the previously announced debt exchange agreement to
reduce long-term debt by approximately $235 million (the “Exchange
Transaction”) on December 21, 2018. Pro forma for the exchange, as
of September 30, 2018, the Company’s Consolidated Net Leverage
Ratio(1) is reduced to 3.5x from 3.9x. In addition to the reduction
in debt, the New Notes (as defined below) will extend the maturity
of the exchanged 2022 Notes (as defined below) to July 2024.
The Exchange Transaction closed with the exchange of
approximately $505 million aggregate principal amount, or 72.1
percent, of its 6.875% Senior Notes due 2022 (the “2022 Notes”) and
$275 million aggregate principal amount, or 55.0 percent, of its
7.125% Senior Notes due 2025 (the “2025 Notes”), for approximately
$545 million of new 9.00% Cash / 2.00% PIK Senior Secured Second
Lien Notes due July 2024 (the “New Notes”) and approximately 10.9
million new warrants entitling each holder thereof to purchase one
common share of the Company.
Under the terms of the Exchange Transaction, the Company retains
the ability to further exchange approximately $55 million of the
remaining 2022 Notes within one year on the same terms or terms
that are more favorable to the Company.
(1) Consolidated Net Leverage Ratio is as defined in the
Company’s Credit Agreement dated April 12, 2017.
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
Ultra Petroleum (NASDAQ:UPL)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Ultra Petroleum (NASDAQ:UPL)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024