HOUSTON, Sept. 29, 2017 (GLOBE NEWSWIRE) — 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.