January 22, 2018 5:29 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Ultra Resources, Inc.

Company Overview

Ultra Resources, Inc. operates natural gas wells. The company is based in Englewood, Colorado. Ultra Resources, Inc. operates as a subsidiary of Ultra Petroleum Corp.

304 Inverness Way South

Suite 295

Englewood, CO 80112

United States

Phone:

303-708-9740

Fax:

303-414-9058

Key Executives for Ultra Resources, Inc.

Ultra Resources, Inc. does not have any Key Executives recorded.

Ultra Resources, Inc. Key Developments

Ultra Resources Amends Credit Agreement with Bank of Montreal

Ultra Resources amended its credit agreement with Bank of Montreal. The amendment included, among other things, a new defined term "Decrease and Maintenance Lenders," which applies to redeterminations of the borrowing base under the credit agreement during a period when there are seven or more non-defaulting lenders party to the credit agreement.

Ultra Resources, Inc Enters into Senior Secured Term Loan Agreement

On the Effective Date, pursuant to the terms of the Plan, Ultra Resources, Inc, as borrower, entered into a Senior Secured Term Loan Agreement with the Company and UP Energy Corporation, as parent guarantors, Barclays Bank PLC, as administrative agent, and the other lenders party thereto (the Term Loan Agreement), providing for senior secured first lien term loans (the Term Loan Facility) for an aggregate amount of $800.0 million consisting of initial term loan in the amount of $600.0 million and incremental term loan in the amount of $200.0 million to be drawn immediately after the funding of the initial term loan. The Term Loan Facility has capacity for OpCo to increase the commitments subject to certain conditions. The Term Loan Facility bears interest either at a rate equal to (a) a customary London interbank offered rate plus 300 basis points or (b) the base rate plus 200 basis points. The Term Loan Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 0.25% of the aggregate principal amount beginning on June 30, 2019. The Term Loan Facility matures seven years after the Effective Date. The Term Loan Facility is subject to mandatory prepayments and customary reinvestment rights. The mandatory prepayments include, without limitation, a prepayment requirement with the total net proceeds from certain asset sales and net proceeds on insurance received on account of any loss of OpCo property or assets, in each case subject to certain exceptions. In addition, subject to certain exceptions, there is a prepayment requirement if the asset coverage ratio is less than 2.0 to 1.0. To the extent any mandatory prepayments are required, prepayments are applied to prepay the Term Loan Facility.

Ultra Resources Inc. Announces $1.2 Billion Two-Tranche Offering of Senior Notes

Ultra Petroleum Corp. announced that Ultra's wholly owned subsidiary, Ultra Resources Inc., intends to offer $700.0 million in aggregate principal amount of senior unsecured notes due 2022 and $500.0 million in aggregate principal amount of senior unsecured notes due in 2025 in a private placement pursuant to exemptions from registration under the Securities Act of 1933, as amended (the Securities Act). Ultra intends to use the proceeds from this offering, together with the anticipated proceeds from other exit financings and cash on hand, to fund the distributions provided for under a comprehensive reorganization plan of Ultra and its subsidiaries, which was approved by the U.S. Bankruptcy Court for the Southern District of Texas on March 14, 2017, and to pay certain fees, commissions and related expenses. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable state securities laws. The notes may be resold by the initial purchasers pursuant to Rule 144A and Regulations under the Securities Act.

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