HOUSTON, Jun 10, 2011 (BUSINESS WIRE) --
Exterran Holdings, Inc. (NYSE:EXH) and Exterran Partners, L.P.
(NASDAQ:EXLP) today announced that Exterran Partners has completed its
previously announced acquisition of compression and processing assets
from Exterran Holdings.
The acquired assets include contracts serving 34 customers of Exterran
Holdings, together with approximately 407 compressor units used to
provide compression services under those contracts. These compressors
comprise approximately 289,000 horsepower, which represents
approximately 8% (by available horsepower) of the combined U.S. contract
operations business of Exterran Holdings and Exterran Partners. In
addition, the acquired assets include approximately 207 compressor
units, comprising approximately 98,000 horsepower previously leased from
Exterran Holdings to Exterran Partners, and a natural gas processing
plant with a capacity of 8 million cubic feet per day located in the
northeastern United States used to provide processing services pursuant
to a long-term services agreement.
The transaction consideration includes Exterran Partners' assumption of
approximately $159 million of Exterran Holdings debt, payment of
approximately $62 million in cash and issuance of approximately 51,000
general partner units of Exterran Partners. Exterran Holdings will use
the cash proceeds from the transaction to reduce the outstanding balance
under its credit facility. Exterran Partners financed the transaction
with borrowings under its revolving credit facility and the proceeds
from its May 2011 underwritten public offering of common units.
About Exterran Holdings and Exterran Partners
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 Partners, L.P. provides natural gas contract operations
services to customers throughout the United States. Exterran Holdings
owns an equity interest in Exterran Partners.
For more information, visit www.exterran.com.
SOURCE: Exterran Holdings, Inc. and Exterran Partners, L.P.
Exterran
David Oatman, 281-836-7035 (Investors)
Susan Nelson, 281-836-7297 (Media)