Ultra Petroleum Corp. Provides Information About Term Loan Discussions and Provides Update on Its Semi-Annual Borrowing Base Redetermination
ULTRA PETROLEUM CORP COMMON (UPL)
Last ultra petroleum corp common earnings: 5/9 06:00 am
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US:NYSE Investor Relations:
ultrapetroleum.com
Company Research
Source: GlobeNewswire
HOUSTON, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. (“Ultra Petroleum” or the “Company”) (NASDAQ: UPL) announces that it has held discussions with certain holders (the “Lenders”) of the Company’s senior secured first lien term loan regarding a potential transaction (the “Potential Transaction”). The Company and the Lenders were unable to reach an agreement on the terms of the Potential Transaction, and discussions with the Lenders regarding the Potential Transaction have ceased. Later today, the Company will file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission to disclose certain information that was delivered to the Lenders in connection with the Proposed Transaction. Borrowing Base Redetermination In connection with the Potential Transaction, the Company moved forward the semi-annual redetermination of its borrowing base under its reserve-based credit facility. The Company’s borrowing base was set at $1.3 billion, a reduction of $100
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