HOUSTON, April 7, 2017 /CNW/ — Ultra Petroleum Corp. (“Ultra“) (OTC: UPLMQ) today announced the pricing of the previously announced private placement to eligible purchasers of $1.2 billion aggregate principal amount of $700.0 million 6.875% senior unsecured notes due 2022 (the “2022 Notes“), and $500.0 million 7.125% senior unsecured notes due 2025 (together with the 2022 Notes, the “Notes“).
The Notes were offered pursuant to exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act“). The offering is being made as part of a comprehensive plan of reorganization (the “Plan“) of Ultra and its subsidiaries, which was approved by the U.S. Bankruptcy Court for the Southern District of Texas on March 14, 2017. The offering is expected to close on April 12, 2017, subject to consummation of the Plan and the transactions contemplated thereunder, as well as customary closing conditions. Ultra intends to use the proceeds from this offering, together with the anticipated proceeds from other exit financings and cash on hand, to fund the distributions provided for under the Plan, and to pay certain fees, commissions and related expenses.
The Notes have not been registered under the Securities Act or any state securities laws, and unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable state securities laws. The Notes may be resold by the initial purchasers pursuant to Rule 144A and Regulation S under the Securities Act.
This news release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities. There shall not be any sale of the Notes or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable laws.
About Ultra Petroleum
Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company trades over-the-counter under the ticker symbol “UPLMQ”.