By Lisa Kerner
Charlotte, N.C., Oct. 15 - Ultra Petroleum Corp. said its wholly owned subsidiary, Ultra Resources, completed a private placement of $525 million in senior unsecured notes with a group of 17 institutional investors.
The notes were issued in a series of tranches:
• $315 million of 4.51% senior notes, series E, due Oct. 12, 2020;
• $35 million of 4.66% senior notes, series F, due Oct. 12, 2022; and
• $175 million of 4.91% senior notes, series G, due Oct. 13, 2025.
The notes rank pari passu with Ultra Resources' bank revolving credit facility and outstanding senior notes.
Proceeds will be used to repay existing bank debt and for general corporate purposes but will not reduce the size of the revolving credit facility.
Payment of the notes is guaranteed by Ultra Petroleum and subsidiary UP Energy Corp., according to a form 8-K filed with the Securities and Exchange Commission.
J.P. Morgan Securities LLC, Citigroup Global Market Inc., Deutsche Bank Securities Inc. and BMO Capital Markets were the agents for the placement.
Ultra Petroleum is a Houston-based natural gas exploration company.
| Issuer: | Ultra Resources
|
| Guarantor: | Ultra Petroleum Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $525 million
|
| Agents: | J.P. Morgan Securities LLC, Citigroup Global Market Inc., Deutsche Bank Securities Inc. and BMO Capital Markets
|
| Settlement date: | Oct. 12
|
| Distribution: | Private placement
|
|
|
| Series E
|
| Amount: | $315 million
|
| Maturity: | Oct. 12, 2020
|
| Coupon: | 4.51%
|
|
|
| Series F
|
| Amount: | $35 million
|
| Maturity: | Oct. 12, 2022
|
| Coupon: | 4.66%
|
|
|
| Series G
|
| Amount: | $175 million
|
| Maturity: | Oct. 13, 2025
|
| Coupon: | 4.91%
|
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