HOUSTON, June 16 /PRNewswire/ -- Universal Compression, Inc. ("Universal
Compression"), a wholly owned subsidiary of Universal Compression Holdings,
Inc. (NYSE: UCO), announced today that it has successfully completed the
tender offer for its 9 7/8% Senior Discount Notes due 2008 (CUSIP
No. 913433AB4), (the "Notes").
As of 12:00 midnight, New York City time, on June 11, 2003 (the
"Expiration Date"), Universal Compression had accepted tenders of its Notes
from holders of $170.15 million (74.06%) of the $229.75 million outstanding
Notes pursuant to the Offer to Purchase dated May 14, 2003.
Holders of Notes who tendered on or prior to 5:00 p.m., New York City
time, on May 20, 2003 (the "Early Tender Date"), received the total
consideration of 105.35% of the principal amount of the Notes validly
tendered, plus accrued and unpaid interest up to, but not including, the
applicable payment date. Holders who tendered their Notes after 5:00 p.m.,
New York City time, on the Early Tender Date but prior to the Expiration Date,
received 104.938% of the principal amount of the Notes validly tendered, plus
accrued and unpaid interest up to, but not including, the applicable payment
date.
As previously announced on May 27, 2003, Universal Compression called the
outstanding Notes for redemption on June 26, 2003 (the "Redemption Date"),
pursuant to the terms of the indenture governing the Notes. The redemption
price is equal to 104.938% of the principal amount of the Notes, plus accrued
and unpaid interest to, but not including, the Redemption Date. Universal
Compression expects to retire all of the outstanding Notes pursuant to the
tender offer and the redemption.
This announcement is not an offer to purchase or a solicitation of
acceptance of the Tender Offer with respect to the 9 7/8% Senior Discount
Notes due 2008. The Tender Offer was made upon the terms and subject to the
conditions set forth in the Offer to Purchase and the accompanying Letter of
Transmittal, each dated as of May 14, 2003.
Universal Compression, headquartered in Houston, Texas, is a leading
natural gas compression services company, providing a full range of contract
compression, sales, operations, maintenance and fabrication services to the
domestic and international natural gas industry.
Statements about Universal Compression's outlook and all other statements
in this release other than historical facts are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements rely on a number of assumptions concerning
future events and are subject to a number of uncertainties and factors, many
of which are outside Universal Compression's control, which could cause actual
results to differ materially from such statements. While Universal
Compression believes that the assumptions concerning future events are
reasonable, it cautions that there are inherent difficulties in predicting
certain important factors that could impact the future performance or results
of its business. Among the important factors that could cause actual results
to differ materially from those indicated by such forward-looking statements
are the demand for Universal Compression's products and services and worldwide
economic and political conditions. These and other risk factors are discussed
in Universal Compression's filings with the Securities and Exchange
Commission, copies of which are available to the public. Universal
Compression expressly disclaims any intention or obligation to revise or
update any forward-looking statements whether as a result of new information,
future events, or otherwise.
SOURCE Universal Compression, Inc.