NASSAU, Bahamas, Dec. 20, 2010 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited ("the Company") (Nasdaq:ULTR) announced today its intention to offer to sell, subject to market and other conditions, $60.0 million aggregate principal amount of its Convertible Senior Notes due 2017 (the "Notes"). The Company expects to grant the initial purchasers of the Notes an option to purchase up to an additional $10.0 million aggregate principal amount of the Notes to cover overallotments. Subject to approval by shareholders, the Notes will be convertible into shares of the Company's common stock at any time prior to the close of business on the business day immediately preceding the maturity date of the notes. The interest rate, conversion rate, offering price and other terms are to be determined by negotiations between the Company and the initial purchasers. The Company's Board of Directors has authorized the required corporate actions to hold in January 2011 the necessary shareholder meeting to obtain approval of the issuance of the common stock into which the Notes are convertible and has set a record date for the meeting of December 31, 2010. Shareholders representing more than 70% of the voting power of the Company's outstanding common stock have entered into a binding agreement to vote all of their shares in favor of the issuance of the common stock at the above-mentioned shareholder meeting.
Ultrapetrol (Bahamas) Limited Announces Offering Of $60.0 Million Aggregate Principal Amount Of Convertible Senior Notes
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