Ultrapetrol (Bahamas)
Limited ULTR, an industrial transportation company serving marine
transportation needs in three markets (River Business, Offshore Supply
Business and Ocean Business), announced today the closing of its previously
announced investment agreement with Sparrow Capital Investments, Ltd
("Sparrow"), a subsidiary of Southern Cross Latin America Private Equity Funds
III and IV ("Southern Cross"). Ultrapetrol sold 110,000,000 shares of newly
issued common stock to Sparrow at a purchase price of $2.00 per share. The
Company received proceeds of $220 million from the transaction. Prior to
closing of the transaction, Sparrow waived the condition to closing that
required the Company to obtain a waiver of certain repurchase rights by
holders of the Company's Convertible Senior Notes due 2017 (the "Convertible
Notes").
Net proceeds from the investment will strengthen the Company's balance sheet
and be used for general corporate purposes, including financing growth
opportunities in Ultrapetrol's Offshore Business Unit in Brazil. As previously
announced, the transaction was approved by a special committee of
Ultrapetrol´s Board of Directors comprising two disinterested directors that
received a fairness opinion, in accordance with the Company´s Articles and
Memorandum of Association.
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