Porter Hedges Represents Ultra Petroleum in Securing $175.0 million Incremental Senior Secured Term Loan Offering
Porter Hedges represented Ultra Petroleum Corp (NASDAQ:UPL) (“Ultra”) in securing increases to its term loan facility and revolving credit facility. On September 29th, Ultra closed its $175.0 million incremental senior secured term loan offering, increasing its borrowings under the facility to $975 million, and Ultra increased lender commitments under its revolving credit facility to $425 million. Ultra applied the net proceeds of its senior secured term loan offering to pay amounts outstanding under its revolving credit facility. For additional information, see the company press release here.
Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production.