Ultra Petroleum Corp. said April 12 it successfully emerged from Chapter 11 bankruptcy following a $2.98 billion exit financing which paid the Houston-based company's creditors in full.

As part of its reorganization process, which the company entered April 2016, Ultra issued 195 million shares of new common stock to its existing stockholders, canceling out the existing stock. The company said its newly-issued common stock was approved to list on The NASDAQ Global Select Market and will begin trading under the ticker symbol "UPL" on April 13.

"Today is an exciting day for Ultra Petroleum. We achieved the goals we have diligently pursued throughout our Chapter 11 proceedings: maximizing the value of the company for the benefit of all of our stakeholders," Michael D. Watford, Ultra's chairman, president and CEO, said in a statement. "We are extremely appreciative of the investors and institutions that supported our plan with the substantial equity and debt capital investments reflected in the nearly $3 billion of new financings we closed today."

In support of its restructuring, Ultra closed the following financing transactions:

  • $580 million equity rights offering for common stock;
  • $800 million senior secured term loan agreement with Barclays Bank Plc as administrative agent;
  • $700 million of 6.875% senior notes due 2022;
  • $500 million of 7.125% senior notes due 2025; and
  • $400 million senior secured revolving credit agreement with Bank of Montreal as administrative agent.

Ultra is an independent energy company with about 149,000 net acres in Wyoming's Green River Basin, Utah's Uinta Basin and the Marcellus Shale in Pennsylvania.

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