Ultrapetrol Details its Mortgage Note Offering

Press Release
Thursday, May 30, 2013

Following on from an earlier announcement of the US$200-million offering, Ultrapetrol now give provide greater detail.

The company has priced the offering of $200 million in aggregate principal amount of its 8.875% First Preferred Ship Mortgage Notes due 2021 (the "Notes").

Notes and related guarantees will be secured by the stock of certain of the Company's subsidiaries and by first preferred mortgages on vessels owned by certain of its subsidiaries. The Notes will be issued at par and are being sold in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act.

Ultrapetrol says it 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.

The sale of the Notes is expected to be consummated on June 10, 2013, subject to customary closing conditions

Ultrapetrol (Bahamas) is an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business).


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