Ultrapetrol (Bahamas) Limited Announces Results of Its Exchange Offer
NASSAU, Bahamas, Dec. 31, 2013 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas)
Limited ("Ultrapetrol" or the "Company"), announced today the results of its
offer (the "Exchange Offer") to exchange all of its outstanding $200.0 million
8 ⅞% First Preferred Ship Mortgage Notes due 2021 that were issued in a
private placement on June 10, 2013 (CUSIP/ISIN numbers 90400X AE4/US90400XAE40
(Rule 144A) and P94398 AD9/USP94398AD92 (Regulation S)) (the "Notes"), for an
equal principal amount of 8 ⅞% First Preferred Ship Mortgage Notes due 2021,
that are registered under the Securities Act of 1933, as amended (the
"Exchange Notes"). The Exchange Offer expired at 5 p.m. EST on December 30,
2013 (the "Expiration Time").
As of the Expiration Time, holders of $200.0 million aggregate principal
amount of the Notes have participated in the Exchange Offer, representing 100%
of the Notes eligible for exchange.
The purpose of the Exchange Offer was to satisfy certain obligations under a
registration rights agreement entered into by and among the Company and the
initial purchasers of the outstanding notes.
Ultrapetrol is an industrial transportation company serving the marine
transportation needs of its clients in the markets on which it focuses. It
serves the shipping markets for containers, grain and soya bean products,
forest products, minerals, crude oil, petroleum, and refined petroleum
products, as well as the offshore oil platform supply market with its
extensive and diverse fleet of vessels. These include river barges and
pushboats, platform supply vessels, tankers and two container feeder vessels.
More information on Ultrapetrol can be found at www.ultrapetrol.net.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include future operating or financial results;
pending or recent acquisitions, business strategy and expected capital
spending or operating expenses, including dry docking and insurance costs;
general market conditions and trends, including charter rates, vessel values,
and factors affecting vessel supply and demand; our ability to obtain
additional financing; our financial condition and liquidity, including our
ability to obtain financing in the future to fund capital expenditures,
acquisitions and other general corporate activities; our expectations about
the availability of vessels to purchase, the time that it may take to
construct new vessels, or vessels' useful lives; our dependence upon the
abilities and efforts of our management team; changes in governmental rules
and regulations or actions taken by regulatory authorities; adverse weather
conditions that can affect production of the goods we transport and
navigability of the river system; the highly competitive nature of the
oceangoing transportation industry; the loss of one or more key customers;
fluctuations in foreign exchange rates and devaluations; potential liability
from future litigation; and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.
This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful under
the securities laws of such jurisdiction.
CONTACT: The IGB Group
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