Ultra Petroleum firms $175 million incremental loan at 99.75 OID

By Sara Rosenberg

New York, Sept. 26 – Ultra Petroleum Corp. finalized the original issue discount on its fungible $175 million incremental term loan B at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the incremental loan is Libor plus 300 basis points with a 1% Libor floor, in line with existing term loan pricing, and the debt is getting 101 soft call protection for six months.

Barclays, BMO Capital Markets, Capital One and Goldman Sachs Bank USA are the arrangers on the deal. Co-managers include CIT, Fifth Third Bank and Whitney.

Negative consents were scheduled to be due at noon ET on Tuesday, the source said.

Proceeds will be used to repay reserve-based lending revolving credit facility borrowings and to pay transaction related fees.

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

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