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Ultrapetrol (Bahamas) Limited Prices Offering Of $70 Million

NASSAU, Bahamas, Dec. 21, 2010 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR) (the "Company") announced today the pricing of its offering of $70 million aggregate principal amount of convertible senior notes due 2017 (the "notes"), which was previously announced as $60 million aggregate principal amount of notes. The notes will be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and non-U.S. persons in accordance with Regulation S promulgated under the Securities Act, by the initial purchasers of the notes. The Company has also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $10 million aggregate principal amount of notes, solely to cover overallotments.

While the Company currently does not have any binding commitments or definitive agreements to enter into potential acquisitions, the Company intends to use the net proceeds of this offering to expand its PSV operations in Brazil, including the potential construction or acquisition of additional vessels; support the development of its river container trade, including potential acquisitions or the construction of additional vessels; accelerate the construction of additional new river barges in its shipyard; and for general corporate purposes. Prior to deployment of the proceeds from the offering of the notes as set forth above, they will be held for general corporate purposes.

The notes will mature on January 15, 2017 and will bear interest at a fixed rate of 7.25% per year, payable on January 15 and July 15 of each year, beginning July 15, 2011. The notes will be senior, unsecured obligations of the Company. On and after January 15, 2015, and prior to the maturity date, the Company may redeem the notes for cash if the sale price of the Company's common stock equals or exceeds 130% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a fundamental change, holders of the notes will have the right, at their option, to require the Company to repurchase their notes in cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

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