Weatherford to Sell Remaining Shares in Universal Compressor
Universal Compression Holdings, Inc. (NYSE: UCO) reports that Weatherford International Ltd. has priced a secondary offering of 6,750,000 shares of Universal's common stock. As a result of the offering, Weatherford will no longer own any shares of Universal. The offering is being made from a shelf registration statement that became effective on March 9, 2005. Universal will not receive any proceeds from the offering. In addition, Universal has agreed to purchase approximately 2.4 million of those shares from J. P. Morgan Securities, Inc., the sole underwriter for the offering, for $100 million. Universal will borrow under its senior secured credit agreement in order to fund the purchase.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of Universal's common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained when available from J.P. Morgan Securities Inc., Chase Distribution & Support Service, 1 Chase Manhattan Plaza, Floor 5B, New York, NY 10081 (copies may also be obtained via email to AddressingServices@jpmchase.com.
Universal, headquartered in Houston, Texas, is a leading natural gas
compression services company, providing a full range of contract compression,
sales, operations, maintenance and fabrication services to the domestic and
international natural gas industry.>
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