Key Developments For Ultrapetrol (Bahamas) Limited
Ultrapetrol (Bahamas) Limited (ULTR.O) (Nasdaq)
Ultrapetrol (Bahamas) Limited Announces Further Extension of Stock Repurchase Program
Ultrapetrol (Bahamas) Limited announced that its Board of Directors has approved an extension of the Company's stock repurchase program to September 30, 2009. The stock repurchase program was originally announced on March 17, 2008 and allowed for the repurchase of up to $50 million of the Company's common stock. The new extension will retain the same original cumulative dollar limitation. The expiration date and/or amount of the share repurchase program will be extended or amended at the discretion of the board of directors. Share repurchases may be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.
Ultrapetrol (Bahamas) Limited Announces Further Extension of Stock Repurchase Program
Ultrapetrol (Bahamas) Limited announced that its board of directors has approved an extension of the Company's stock repurchase program to March 31, 2009. The stock repurchase program was originally announced on March 17, 2008 and allowed for the repurchase of up to $50 million of the Company's common stock until September 30, 2008. On October 2, 2008, the Company announced that the repurchase program was extended under the same terms to December 31, 2008. Similarly, the new extension will retain the same original cumulative dollar limitation. The expiration date and/or amount of the share repurchase program will be extended or amended at the discretion of the board of directors. Share repurchases may be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.
Ultrapetrol (Bahamas) Limited Announces Extension Of Stock Repurchase Program
Ultrapetrol (Bahamas) Limited announced that its Board of Directors has approved an extension of the Company's stock repurchase program to December 31, 2008. The stock repurchase program, which was announced on March 17, 2008, originally allowed for the repurchase of up to $50 million of the Company's common stock until September 30, 2008 and the extension will retain the same original cumulative dollar limitation. The expiration date and/or amount of the share repurchase program will be extended or amended at the discretion of the board of directors. Share repurchases may be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. Since Ultrapetrol began repurchasing its shares under the program on March 19, 2008, the Company has acquired 671,171 of its shares at an average cost of $9.63 per share for a total cost of about $6.5 million. Approximately $43.5 million remains available under the program.
Ultrapetrol (Bahamas) Limited Secures Additional Long-Term Financing
Ultrapetrol (Bahamas) Limited announced that the Company's River Business subsidiary, UABL, has secured $60 million in long-term financing from IFC, a member of the World Bank Group. Under the terms of the agreement, IFC will provide a $60 million financing package to UABL and assist the Company in raising an additional $15 million from third parties.
EMP Latin America Announces Sale Of $121 Million Stake In Ultrapetrol (Bahamas) Limited
Ultrapetrol (Bahamas) Limited : EMP Latin American Management LLC (EMPLA) announced that the AIG-GE Capital Latin American Infrastructure Fund L.P. (LAIF) has sold a substantial part of its shareholding in Ultrapetrol (Bahamas) Limited. LAIF received approximately $121 million for the sale of 68.2% of its stake in Ultrapetrol as part of a follow-on stock offering executed on The Nasdaq Global Market on April 19, 2007. The offering was priced at $19.00 per share and raised a total of $240 million in gross proceeds, $92 million of which was a primary issue by the Company. LAIF had earlier sold around 1.5% of its holdings for approximately $1.5 million through a greenshoe overallotment option as part of Ultrapetrol's initial public offering on October 12, 2006, completed at a price of $11 per share. LAIF's remaining stake in Ultrapetrol is worth $70.9 million at the current market price of $23.01 per share as of May 9th, 2007.
