Ultra Petroleum Corp. Closes on Previously Announced Debt Exchange Agreement Reducing Long-Term Debt by Approximately $235 Million and Improving Pro Forma Consolidated Net Leverage Ratio t...
ULTRA PETROLEUM CORP COMMON (UPL)
Last ultra petroleum corp common earnings: 5/9 06:00 am
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ultrapetroleum.com
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Source: GlobeNewswire
ENGLEWOOD, Colo., Dec. 26, 2018 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. (“Ultra Petroleum” or the “Company”) (NASDAQ: UPL) closed on the previously announced debt exchange agreement to reduce long-term debt by approximately $235 million (the “Exchange Transaction”) on December 21, 2018. Pro forma for the exchange, as of September 30, 2018, the Company’s Consolidated Net Leverage Ratio(1) is reduced to 3.5x from 3.9x. In addition to the reduction in debt, the New Notes (as defined below) will extend the maturity of the exchanged 2022 Notes (as defined below) to July 2024. The Exchange Transaction closed with the exchange of approximately $505 million aggregate principal amount, or 72.1 percent, of its 6.875% Senior Notes due 2022 (the “2022 Notes”) and $275 million aggregate principal amount, or 55.0 percent, of its 7.125% Senior Notes due 2025 (the “2025 Notes”), for approximately $545 million of new 9.00% Cash / 2.00% PIK Senior Secured Second Lien Notes due July 2024 (the “New
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