Ultrapetrol (Bahamas) Limited (NASDAQ: ULTR) announced today that they have entered into an investment agreement. Under the terms of the agreement, Southern Cross will purchase approximately $ 220 million of newly issued common stock at a purchase price of $ 2.00 per share. Immediately after the close of the transaction, Southern Cross will own approximately 78.38% of the outstanding common shares of Ultrapetrol. The agreement is subject to certain closing conditions, including but not limited to a waiver by holders of certain repurchase rights pursuant to the Company’s Convertible Senior Notes due 2017 indenture. If all such conditions are satisfied, including the waiver from such noteholders of their repurchase rights which waiver may or may not be received, then the agreement is expected to close in December 2012.
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
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