Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Ultra Petroleum Term Loan Update Announced

0
0

Ultra Petroleum announced that its proposed senior secured first lien RBL term loan has been increased from $600 million to $800 million. The Company’s proposed borrowing base has also been increased from $1.0 billion to $1.2 billion.

The facility is being raised in connection with Ultra Petroleum’s anticipated emergence from Chapter 11 protection. The Company further announced that its wholly owned subsidiary, Ultra Resources, intends to offer $700 million in aggregate principal amount of senior unsecured notes due 2022 and $500 million in aggregate principal amount of senior unsecured notes due in 2025 in a private placement, pursuant to exemptions from registration under the Securities Act of 1933.

Ultra Petroleum intends to use the proceeds from this offering, together with anticipated proceeds from other exit financings and cash on hand, to fund distributions provided for under its Revised Second Amended Joint Chapter 11 Plan of Reorganization, which the U.S. Bankruptcy Court confirmed on March 14, 2017, and to pay certain fees, commissions and related expenses.

Read more oil & gas bankruptcy news.

The post Ultra Petroleum Term Loan Update Announced appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images