Ultra Petroleum Corp. filed a revised restructuring plan that calls for the oil and gas driller to raise $2.4 billion in bankruptcy-exit financing, the Wall Street Journal reported today. Court papers filed on Wednesday say that the proceeds of the new financing will be used to pay down $2.52 billion of senior bonds and revolver drawings in full and in cash. The proposed exit facility will include a $600 million term loan, a $400 million revolving credit facility and a $1.4 billion bridge loan, which may be converted to an unsecured term loan. Barclays Bank PLC has agreed to arrange the financing, court papers say. Ultra has asked the U.S. Bankruptcy Court in Houston to review the financing agreement next week as well as its request to keep the fees associated with the facility shielded from public view. Also up for court review next week is an outline of Ultra’s restructuring plan, which the company revised to include the exit financing. Under the prior restructuring plan, filed in early December, holders of $2.52 billion in senior bonds and revolver loans would have received new notes in the same amount. Read more. (Subscription required.)
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