Key Developments For Exterran Partners, L.P.
Exterran Partners, L.P. (EXLP.O) (Nasdaq)
Exterran Partners, L.P. Completes Acquisition Of Additional Assets From Exterran Holdings, Inc.
Exterran Holdings, Inc. and Exterran Partners, L.P. announced that Exterran Partners has completed its previously announced acquisition of certain assets from Exterran Holdings for approximately $143 million, excluding transaction costs. The acquired assets included contracts and equipment serving 18 customers, together with approximately 890 compressor units used to provide compression services under those contracts, representing approximately 270,000 horsepower, or approximately 6% (by available horsepower) of the combined U.S. contract operations business of Exterran Holdings and Exterran Partners. Exterran Partners financed the acquisition with approximately $57 million of borrowings under its new $150 million asset-backed securitization facility and existing revolving credit facility and the issuance of 4,739,927 common units and 96,601 general partner units to Exterran Holdings.
Exterran Partners, L.P. Announces Cash Distribution
Exterran Partners, L.P. announced a cash distribution of $0.4625 per limited partner unit, or $1.85 per limited partner unit on an annualized basis, payable on November 13, 2009 to unitholders of record at the close of business on November 9, 2009. This distribution is the same level as the distribution for the second quarter 2009 and the third quarter 2008. The third quarter 2009 distribution covers the period from July 1, 2009 through September 30, 2009.
Exterran Partners, L.P. Agrees To Acquire Additional Assets From Exterran Holdings, Inc.; Receives Commitment For New Asset-Backed Securitization Facility
Exterran Holdings, Inc. and Exterran Partners, L.P. announced a transaction between the two parties and a financing commitment for a new asset-backed securitization facility for Exterran Partners. Exterran Partners has agreed to acquire contracts serving 18 customers from Exterran Holdings and its affiliates, together with approximately 900 compressor units used to provide compression services under those contracts, comprising approximately 273,000 horsepower. The transaction will include approximately 6% (by available horsepower) of the combined U.S. contract operations business of Exterran Holdings and Exterran Partners. The total value of the transaction is approximately $144 million, including estimated transaction costs. In funding the transaction, Exterran Partners intends to borrow approximately $58 million under a new asset-backed securitization facility and issue approximately $86 million of new equity to Exterran Holdings, comprised of approximately 4.74 million common units and approximately 97,000 general partner units. Exterran Partners has received a financing commitment for a new $150 million asset-backed securitization facility, to be arranged by Wells Fargo Securities, LLC and provided by Wachovia Bank, N.A., a wholly-owned subsidiary of Wells Fargo & Company. This facility, which will mature in 2013, is expected to provide debt capacity to help fund this and future acquisition transactions.
Exterran Partners, L.P. Announces Cash Distribution
Exterran Partners, L.P. announced a cash distribution of $0.4625 per limited partner unit, or $1.85 per limited partner unit on an annualized basis, payable on August 14, 2009 to unitholders of record at the close of business on August 10, 2009.
Exterran Holdings, Inc. And Exterran Partners Announce Management Change
Exterran Holdings, Inc. and Exterran Partners, L.P. announced changes in their respective management teams and Boards of directors, all effective June 30, 2009. Exterran Holdings announced, in connection with its previously announced management succession plan, the retirement of Stephen A. Snider as Chief Executive Officer and the appointment of Ernie L. Danner as Chief Executive Officer. Mr. Danner will retain his title as President. In addition, Exterran Partners announced that Mr. Snider has resigned as Chief Executive Officer of Exterran Partners' general partner and that Mr. Danner has been named Chief Executive Officer. Mr. Danner will retain his title as President. Mr. Snider also resigned as Chairman and member of the Board of Directors of Exterran Partners' general partner, and Mr. Danner has been named Chairman of the Board.
