Ultra Petroleum Corp. (UPL) announced that its wholly owned subsidiary Ultra Resources has signed an agreement with a group of thirteen institutional investors providing for the private placement of $500.0 million in senior unsecured notes. Ultra expects the notes will be issued in a series of tranches.
Closing of the offering is expected to take place 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.
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