Ultra Resources Arranges $500MM Private Placement
Ultra Petroleum's wholly owned subsidiary Ultra Resources has entered into an agreement with a group of thirteen institutional investors providing for the private placement of $500.0 million in Senior Unsecured Notes.
Closing of the offering is anticipated to occur prior to mid-February 2010. Net proceeds from the offering will be used to repay existing bank debt and for general corporate purposes, including funding of the company's previously announced acquisition.
"The positive response from the debt market is evident in the terms and duration of the senior notes and affirms the low-risk nature of Ultra's oil and gas portfolio," stated Michael D. Watford, Chairman, President and Chief Executive Officer.