HOUSTON, Jul 11, 2011 (BUSINESS WIRE) --
Exterran Holdings, Inc. (NYSE: EXH) today announced the execution of a
new, five-year, $1.1 billion senior secured revolving credit facility
with a syndicate of banks arranged by Wells Fargo Securities, LLC, BNP
Paribas Securities Corp., Credit Agricole Corporate and Investment Bank,
RBC Capital Markets, LLC and RBS Securities Inc., as Joint Lead
Arrangers and Joint Book Runners. Wells Fargo Bank, National
Association, is Administrative Agent under the new facility, and BNP
Paribas, Credit Agricole Corporate and Investment Bank, Royal Bank of
Canada and The Royal Bank of Scotland PLC, are Co-Syndication Agents.
The new facility, which matures in July 2016, replaces Exterran
Holdings' former senior secured credit facility, which consisted of an
$850 million revolving credit facility due August 2012 and an $800
million term loan facility due June 2013.
"We appreciate the continued support of our lender group and are pleased
with the terms of our new credit facility, which has covenants similar
to our former facility and an initial interest rate borrowing cost of
LIBOR plus 1.75%. We expect this new facility to provide us with
financial flexibility to continue our drop down strategy with Exterran
Partners and to permit us to invest further growth capital in our
business," said J. Michael Anderson, Senior Vice President and Chief
Financial Officer of Exterran Holdings.
About Exterran Holdings
Exterran Holdings, Inc. is a global market leader in full service
natural gas compression and a premier provider of operations,
maintenance, service and equipment for oil and gas production,
processing and transportation applications. Exterran Holdings serves
customers across the energy spectrum--from producers to transporters to
processors to storage owners. Headquartered in Houston, Texas, Exterran
has over 10,000 employees and operates in approximately 30 countries.
Exterran Holdings owns an equity interest in Exterran Partners, L.P.
(NASDAQ: EXLP). For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. 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 the control of Exterran Holdings, which could cause actual
results to differ materially from such statements including, but not
limited to, statements related to the expected benefits of the
refinancing.
While Exterran Holdings 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 factors that could
cause results to differ materially from those indicated by such
forward-looking statements are: local, regional, national and
international economic conditions and the impact they may have on
Exterran Holdings and its customers; changes in tax laws that impact
master limited partnerships; conditions in the oil and gas industry,
including a sustained decrease in the level of supply or demand for oil
and natural gas and the impact on the price of oil and natural gas;
Exterran Holdings' ability to timely and cost-effectively execute larger
projects; changes in political or economic conditions in key operating
markets, including international markets; changes in safety, health,
environmental and other regulations; and the performance of Exterran
Partners.
These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Exterran Holdings' Annual Report on Form 10-K for the year ended
December 31, 2010, and those set forth from time to time in Exterran
Holdings' filings with the Securities and Exchange Commission. Except as
required by law, Exterran Holdings 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: Exterran Holdings, Inc.
Exterran Holdings, Inc.
Investors: David Oatman, 281-836-7035
or
Media: Susan Nelson, 281-836-7297