HOUSTON--(BUSINESS WIRE)--Mar. 9, 2012--
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 approximately 40 customers
of Exterran Holdings, together with approximately 400 compressor units
used to provide compression services under those contracts. These
compressors comprise approximately 188,000 horsepower, which represents
approximately 5 percent (by available horsepower) of the combined U.S.
contract operations business of Exterran Holdings and Exterran Partners.
In addition, the acquired assets include approximately 140 compressor
units, comprising approximately 75,000 horsepower previously leased from
Exterran Holdings to Exterran Partners, and a natural gas processing
plant with a capacity of 10 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 $105.4 million of Exterran Holdings’ debt and the payment
of approximately $77.4 million in cash (which includes cash paid as
consideration in lieu of the 1.9 million Exterran Partners units
Exterran Holdings was originally due to receive as part of its
consideration in the transaction). Exterran Holdings will use the cash
proceeds from the transaction to reduce the outstanding debt balance
under its credit facility. Exterran Partners financed the transaction
(including funds utilized to immediately repay the debt assumed from
Exterran Holdings) with approximately $78.8 million of borrowings under
its revolving credit facility and approximately $104.0 million of net
proceeds from its recently completed underwritten public offering of
common units. In connection with the transaction, Exterran
Partners on March 7, 2012 amended its senior secured credit facility to,
among other things, increase its size by an additional $200 million to
$900 million.
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 approximately 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.
For Exterran Holdings, Inc. and Exterran Partners, L.P.
David
Oatman, 281-836-7035 (Investors)
Susan Moore, 281-836-7398 (Media)