Ultra Petroleum defers 6 1/8% notes’ $26 million interest payment

By Angela McDaniels

Tacoma, Wash., April 1 – Ultra Petroleum Corp. decided to defer the $26 million interest payment that was due April 1 on its 6 1/8% senior notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company has a 30-day grace period to make the interest payment.

If it fails to make the interest payment within the grace period or is otherwise unable to obtain a waiver from the noteholders within the grace period, an event of default will result and the trustee or the holders of at least 25% of the notes may elect to accelerate the notes.

As previously reported, subsidiary Ultra Resources, Inc. entered into waiver and amendment agreements with its lenders to postpone and defer the March 1 maturity and interest payments on its senior notes and waive certain other potential defaults that could occur under the Ultra Resources debt agreements between March 1 and April 30.

Ultra Petroleum is a Houston-based independent exploration and production company.

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