ENGLEWOOD, Colo., Jan. 23, 2019 (GLOBE NEWSWIRE) — Today Ultra Petroleum Corp. (“Ultra Petroleum” or the “Company”) (NASDAQ: UPL) announced it has entered into agreements to effect, subject to customary settlement procedures, an incremental notes exchange transaction that provides for the exchange of approximately $24.1 million aggregate principal amount of its 6.875% Senior Notes due 2022 (the “2022 Notes”) for approximately $14.5 million of new 9.00% Cash / 2.00% PIK Senior Secured Second Lien Notes due July 2024 (“Second Lien Notes” and such exchange, this “Incremental Exchange”).
This Incremental Exchange was executed at more favorable terms for the Company than the exchange transaction that the Company closed on December 21, 2018 (the “Prior Exchange”). For each $1,000 aggregate principal amount of 2022 Notes to be exchanged in the Incremental Exchange, the holders thereof received $600 in aggregate principal amount of Second Lien Notes issued by the Company’s wholly owned subsidiary, Ultra Resources, Inc. No stock warrants were included in this Incremental Exchange.
Including this Incremental Exchange and the Prior Exchange, the Company will have exchanged for Second Lien Notes approximately $529.1 million aggregate principal amount, or 75.6 percent, of its 2022 Notes and $275 million aggregate principal amount, or 55.0 percent, of its 7.125% Senior Notes due 2025. Following the closing of this Incremental Exchange, the Company will retain the ability under the indenture governing the issuance of the Second Lien Notes to further exchange approximately $30.9 million of the remaining 2022 Notes within one year of the Prior Exchange on the same terms or terms that are more favorable to the Company than those included in the Prior Exchange.
Centerview Partners LLC has served as financial advisor to the Company. Kirkland & Ellis LLP served as legal advisor to the Company.
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.