Ultra Petroleum plans $700 million notes, $225 million revolver draw for Pinedale field acquisition

By Paul A. Harris

Portland, Ore., Aug. 25 – Ultra Petroleum Corp. plans to offer $700 million of senior notes and make a $225 million draw on its revolving credit facility during the next several weeks, according to Kelly Whitley, the company’s director of investor relations.

Whitley declined to comment on the structure of the bond debt or the bookrunners.

The Houston-based independent exploration and production company plans to use the proceeds to fund the cash portion of its acquisition of the Pinedale field properties from Royal Dutch Shell.

The transaction also sees Royal Dutch Shell receiving a portion of Ultra’s Marcellus assets.

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