Key Developments: Exterran Holdings Inc (EXH.N)
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Latest Key Developments (Source: Significant Developments)
Exterran Partners LP Completes Acquisition of Assets from Exterran Holdings Inc
Exterran Partners LP and Exterran Holdings, Inc announced that Exterran Partners has completed its previously announced acquisition of compression assets from Exterran Holdings. The acquired assets include contracts serving approximately 50 customers of Exterran Holdings, together with approximately 360 compressor units used to provide compression services under those contracts. These compressors comprise approximately 250,000 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 acquisition includes contracts covering approximately 6,000 horsepower owned by Exterran Partners which are being leased to Exterran Holdings and approximately 205 compressor units comprising approximately 101,000 horsepower being leased from Exterran Holdings to Exterran Partners. Exterran Partners financed the acquisition entirely with the issuance of 7,123,527 common units and 144,644 general partner units to affiliates of Exterran Holdings. Full Article
Exterran Partners LP To Acquire Compression Assets From Exterran Holdings Inc
Exterran Partners LP and Exterran Holdings, Inc. announced that Exterran Partners will acquire assets from Exterran Holdings for consideration valued at $174 million including customer contracts relating to the operation of approximately 259,000 horsepower of compressor units. Assets to be acquired by Exterran Partners include Exterran Holdings` contracts serving 50 customers together with approximately 370 compressor units used to provide compression services under those contracts, representing approximately 253,000 horsepower and approximately 8% (by available horsepower) of the combined U.S. contract operations business of Exterran Holdings and Exterran Partners. In addition, the acquisition will include contracts covering approximately 6,000 horsepower owned by Exterran Partners which are currently being leased to Exterran Holdings and approximately 200 compressor units comprising approximately 100,000 horsepower currently being leased from Exterran Holdings to Exterran Partners. The consideration to be paid to Exterran Holdings' affiliates will consist entirely of Exterran Partners' equity, comprised of approximately 7.1 million common units and approximately 145,000 general partner units. The transaction is expected to close in March or April 2013. Full Article
Exterran Holdings Inc Comments On Q4 2012 Revenue Guidance-Conference Call
Exterran Holdings Inc announced that for the fourth quarter of 2012, it is going to see some slightly higher revenues and better performance. Full Article
Exterran Holdings, Inc.'s Venezuelan Completes Sale Of Assets Nationalized In 2009 To PDVSA Gas, S.A
Exterran Holdings, Inc. announced that its Venezuelan subsidiary has completed the sale of assets nationalized in 2009 to PDVSA Gas, S.A. for total consideration of approximately $442 million. Exterran received an initial payment of approximately $177 million in cash at closing ($50 million of which will be used to repay insurance proceeds previously collected under the policy Exterran maintained for the risk of expropriation), and is due to receive the remaining principal amount of approximately $265 million in periodic cash payments through the third quarter 2016. The net proceeds from the sale of these assets, when combined with the net proceeds of approximately $112 million from the March 2012 sale of Exterran’s Venezuelan joint venture assets which were also nationalized in 2009, total in excess of $500 million. Exterran intends to use the initial proceeds received from the sale of its Venezuelan subsidiary’s assets (net of the $50 million to repay insurance proceeds previously collected) of approximately $127 million, as well as the remaining proceeds it is due to receive from both transactions in the principal amount totaling approximately $335 million, as such proceeds are received, for the repayment of indebtedness and for general corporate purposes. Full Article
Exterran Holdings, Inc. Secures Contract From Williams Partners For Design, Fabrication And Installation Services In West Virginia
Exterran Holdings, Inc. announced that Williams Partners has awarded the Company a contract for the design, fabrication and installation of natural gas facilities in West Virginia. The facilities are part of Williams Partners’ Ohio Valley Midstream business, which has footprint in the natural gas liquid-rich portion of the Marcellus Shale. The project includes engineering and fabrication of two cryogenic gas processing plants with refrigeration, each with a capacity of 200 million standard cubic feet of natural gas per day (mcfpd) produced from the Marcellus Shale. Additionally, Exterran will provide site development, construction, installation and start-up for the two plants it develops as well as for a third 200-mcfpd cryogenic plant. Full Article
Exterran Holdings, Inc. Comments On H2 2012 Revenue Guidance-Conference Call
Exterran Holdings, Inc. announced that it expects increased revenues in the second half of 2012, driven primarily by the contribution of new projects, including a large compression project in the Middle East and a processing facility in Mexico. Full Article
Exterran Holdings, Inc. To Receive Approximately $112 Million In Connection With Sale Of Venezuelan Joint Venture Assets
Exterran Holdings, Inc. announced that WilPro Energy Services (El Furrial) Limited and WilPro Energy Services (PIGAP II) Limited, the joint ventures owned by subsidiaries of Exterran and Williams, have completed the sale of the El Furrial and PIGAP II assets to PDVSA Gas, S.A. in connection with the 2009 nationalization of those assets. After satisfying amounts owed to the WilPro joint ventures’ lenders and taking into account other closing adjustments, Exterran received an initial payment of approximately $37.6 million in cash at closing. The remaining amount of approximately $74.8 million due to Exterran is payable in periodic cash payments through the first quarter of 2016. In connection with the sale of the El Furrial and PIGAP II assets, the WilPro joint ventures and an affiliate of Williams have agreed to suspend their previously filed arbitration proceeding against Venezuela pending payment in full by PDVSA Gas of the purchase price for the nationalized assets. Full Article
Exterran Partners, L.P. Completes Acquisition Of Compression And Processing Assets From Exterran Holdings
Exterran Holdings, Inc. and Exterran Partners, L.P. 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. 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. Full Article
Exterran Partners, L.P. Agrees To Acquire Compression And Processing Assets From Exterran Holdings, Inc.
Exterran Holdings, Inc. and Exterran Partners, L.P announced that Exterran Partners has agreed to acquire compression and processing assets from Exterran Holdings for consideration valued at approximately $184 million. Assets to be acquired by Exterran Partners include Compression services. Contracts serving approximately 40 customers of Exterran Holdings and its affiliates, together with approximately 400 compressor units used to provide compression services under those contracts, comprising approximately 188,000 horsepower and representing approximately 5% (by available horsepower) of the combined U.S. contract operations business of Exterran Holdings and Exterran Partners. In addition, the acquisition includes approximately 140 compressor units comprising approximately 75,000 horsepower currently being leased from Exterran Holdings to Exterran Partners. Processing services. The transaction consideration will include the delivery to Exterran Holdings of approximately 1.9 million common units of Exterran Partners, or the cash equivalent thereof, and Exterran Partners’ assumption of a portion of Exterran Holdings’ indebtedness. In conjunction with the transaction, Exterran Partners is currently in the process of amending its revolving credit facility to increase its size by an additional $200 million, which it expects to complete prior to the closing of the acquisition. The transaction is expected to close prior to the end of the first quarter. Full Article
Exterran Holdings, Inc. Issues Q1 2012 Revenue Guidance Below Analysts' Estimates
Exterran Holdings, Inc. announced that the first quarter of 2012 is expected to be the low point of the year with revenues expected to be somewhat lower than first quarter 2011 levels. The Company reported revenue of $618.48 million in first quarter of 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $661 million for first quarter of 2012 Full Article

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