Universal Compression Agrees to $70M Private Placement

Universal Compression Partners, L.P. has entered into an agreement to sell $70 million of common units representing limited partner interests in Universal Compression Partners to certain qualified institutional buyers in a private placement at a price of $34.75 per unit.

The closing of the private placement is conditioned upon the closing of Universal Compression Partners' previously announced acquisition of a fleet of compressor units and customer contracts from Universal Compression Holdings, Inc. for approximately $233 million. Universal Compression Partners will use the proceeds from this private placement of approximately 2.0 million common units to fund a portion of the acquisition purchase price.

In connection with the proposed merger of Universal Compression Holdings and Hanover Compressor Company, a registration statement of the new company, Exterran Holdings, Inc., which includes preliminary proxy statements of Universal Compression Holdings and Hanover, and other materials, has been filed with the SEC.

Universal Compression Partners was formed by Universal Compression Holdings to provide natural gas contract compression services to customers throughout the United States. Universal Compression Holdings owns approximately 51% of Universal Compression Partners. Universal Compression Holdings, 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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Manager Strategic Supply Chain Sourcing Job
Expertise: Project Controls|Purchasing|Supply Chain Management
Location: Denver, CO
Strategy & Performance Director Job
Expertise: Budget / Cost Control|Business Analyst|Business Development
Location: Denver, CO
Associate Sourcing Specialist or Sourcing Project Specialist Job
Expertise: Project Controls|Project Management|Supply Chain Management
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours