Ultra Petroleum Corp.'s wholly owned subsidiary Ultra Resources has entered an agreement for the private placement on $500 million in Senior Unsecured Notes. The agreement was made with a group of 13 institutional investors. The company expects the notes to be issued in a series of tranches as follows:
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$116.0 million over a term of 7 years due in 2017 with a coupon rate of 4.98%
$207.0 million over a 10 year term due in 2020 with a coupon rate of 5.50%
87.0 million over a 12 year term due in 2022 with a coupon rate of 5.60%
90.0 million over a term of 15 years due in 2025 with a coupon rate of 5.85%
The offering is expected to close before the middle of February 2010. Net proceeds from the offering will be used to repay the existing bank debt and for general corporate purposes.
About Ultra Petroleum
Ultra Petroleum Corp. is an independent exploration and production company focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming - the Pinedale and Jonah Fields; and is in the early stages of exploration in the Appalachian Basin in Pennsylvania. Ultra is listed on the New York Stock Exchange and trades under the ticker symbol "UPL". The company had 151,443,094 shares outstanding on November 30, 2009.
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