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Ultra Petroleum closes on long-term agreement to reduce debt by $235M

Dec 28, 2018 - SNL Energy Finance Daily

Ultra Petroleum Corp. said Dec. 26 that it closed on an exchange agreement to reduce long-term debt by approximately $235 million.

As outlined under the transaction, which closed Dec. 21, the company's consolidated net leverage ratio is reduced to 3.5 times, from 3.9 times. In addition, the new notes will extend the maturity of the exchanged 2022 notes to July 2024.

The company will also be able to exchange approximately $55 million of the remaining 2022 notes within one year on the ...