Davis Polk advised an ad hoc group of Ultra Petroleum Corp. noteholders in connection with a private notes exchange. Under the exchange transaction, the members of the group exchanged in the aggregate approximately $505.2 million principal amount, or 72.2%, of Ultra Petroleum’s 6.875% senior notes due 2022 and $275 million principal amount, or 55.0%, of Ultra Petroleum’s 7.125% senior notes due 2025 for new 9.0% Cash / 2.0% PIK senior secured second-lien notes due 2024, plus certain warrants. 

Ultra Petroleum is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. The company’s principal business activities are developing its long-life natural gas reserves in the Pinedale and Jonah fields of the Green River Basin of Wyoming.

The Davis Polk restructuring team included partners Damian S. Schaible and Eli J. Vonnegut, counsel Christian Fischer and associates Christopher S. Robertson and Douglas R. Keeton. The capital markets team included partner Marcel Fausten and associate Hillary A. Coleman. The equity derivatives team included partner Derek Walters and associate Jeffrey H. Smith. Partner Michael Farber provided tax advice. All members of the Davis Polk team are based in the New York office.