Ultra Petroleum Corp. said April 12 it successfully emerged from Chapter 11 bankruptcy following a $2.98 billion exit financing which paid the Houston-based company's creditors in full.
As part of its reorganization process, which the company entered April 2016, Ultra issued 195 million shares of new common stock to its existing stockholders, canceling out the existing stock. The company said its newly-issued common stock was approved to list on The NASDAQ Global Select Market and will begin trading under the ticker symbol "UPL" on April 13.
"Today is an exciting day for Ultra Petroleum. We achieved the goals we have diligently pursued throughout our Chapter 11 proceedings: maximizing the value of the company for the benefit of all of our stakeholders," Michael D. Watford, Ultra's chairman, president and CEO, said in a statement. "We are extremely appreciative of the investors and institutions that supported our plan with the substantial equity and debt capital investments reflected in the nearly $3 billion of new financings we closed today."
In support of its restructuring, Ultra closed the following financing transactions:
- $580 million equity rights offering for common stock;
- $800 million senior secured term loan agreement with Barclays Bank Plc as administrative agent;
- $700 million of 6.875% senior notes due 2022;
- $500 million of 7.125% senior notes due 2025; and
- $400 million senior secured revolving credit agreement with Bank of Montreal as administrative agent.
Ultra is an independent energy company with about 149,000 net acres in Wyoming's Green River Basin, Utah's Uinta Basin and the Marcellus Shale in Pennsylvania.
RELATED: Ultra Settles $303 Million Breach Of Contract Claim With REX
Recommended Reading
Marathon Chasing 20%+ IRRs with Los Angeles, Galveston Refinery Upgrades
2024-02-01 - Marathon Petroleum Corp. is pursuing improvements at its Los Angeles refinery and a hydrotreater project at its Galveston Bay refinery that are each boasting internal rate returns (IRRs) of 20% or more.
Private Equity: Seeking ‘Scottie Pippen’ Plays, If Not Another Michael Jordan
2024-01-25 - The Permian’s Tier 1 acreage opportunities for startup E&Ps are dwindling. Investors are beginning to look elsewhere.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.
In Shooting for the Stars, Kosmos’ Production Soars
2024-02-28 - Kosmos Energy’s fourth quarter continued the operational success seen in its third quarter earnings 2023 report.