Ultrapetrol Completes 100% of Mortgage Note Exchange
The company informs that the notes were issued for an equal principal amount of 8 7/8% First Preferred Ship Mortgage Notes due 2021, that are registered under the Securities Act of 1933, as amended and expired on January 24, 2014 at 5 p.m. Ultrapetrol add that as of the Expiration Time, holders of $25.0 million aggregate principal amount of the Notes have participated in the Exchange Offer, representing 100% percent of the Notes eligible for exchange. under a registration rights agreement entered into by and among the Company and the initial purchasers of the outstanding notes.
Ultrapetrol to Refinance, Sells 7 Barges
In related recent announcements Ultrapetrol (Bahamas) says it intends to offer secured Notes, & has completed the sale of 7 barges. Business and Ocean Business), announced today its intention to offer to sell, subject to market and other conditions, $200.0 million aggregate principal amount of its senior secured notes due 2021. The company plans to use the net proceeds of the offering to fully refinance its existing $180 million aggregate principal amount of its senior notes due 2014, as well as for general corporate purposes. Secondly, the company announce the sale of of a further seven tank barges to a third party in Colombia who have exercised their option for these additional barges. The barges are scheduled for delivery at the end of 2013.
Ultrapol Appoints New Director at AGM
Utrapol, active in the river, offshore supply & ocean transport business appoint Ojea Quintana to its Board of Directors. Eduardo Ojea Quintana is currently the President of the Board of Directors of Transportadora de Gas del Norte S.A. directors of several other energy companies in South America. Regulatory Activity. He also represented Argentina on the Executive Committee for the International Gas Union. Additionally, at the meeting the following proposals were approved and adopted: 1) the approval of the audited financial statements and the Report of the Auditors thereon for the fiscal year ended December 31, 2011, 2) the re-election of the six existing directors of the Company…
Ultrapetrol Regains Nasdaq Compliance
Transportation company Ultrapetrol (Bahamas) Ltd. regains compliance with the Nasdaq $1.00 per share minimum bid price requirement. Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for containers, grain and soya bean products, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market with its extensive and diverse fleet of vessels. These include river barges and pushboats, platform supply vessels, tankers and two container feeder vessels.
