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Ultra Petroleum offers to exchange more 2022 notes for 2024 notes
By Marisa Wong
Morgantown, W.Va., Jan. 23 – Ultra Petroleum Corp. announced it has entered into agreements to exchange about $24.1 million of its 6 7/8% senior notes due 2022 for about $14.5 million of new 9% cash/2% PIK senior secured second-lien notes due July 2024.
The company said this incremental exchange has more favorable terms than the exchange transaction that closed on Dec. 21.
Under the current exchange offer, holders will receive for each $1,000 principal amount of 2022 notes $600 principal amount of new 2024 notes issued by the company’s wholly owned subsidiary, Ultra Resources, Inc. No stock warrants are included in this incremental exchange.
Under the previous offer, the company exchanged $505 million, or 72.1%, of the 2022 notes as well as $275 million, or 55%, of the subsidiary’s 7 1/8% senior notes due 2025 for $545 million of the new second-lien notes and 10,916,699 new warrants.
Including the current offer and the prior exchange, the company will have exchanged for new second-lien notes roughly $529.1 million, or 75.6%, of its 2022 notes.
Following the closing of the latest incremental exchange, the company will retain the ability under the indenture governing the second-lien notes to further exchange $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.
Ultra Petroleum is a Houston-based oil and gas exploration and production company.
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