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Exterran Partners To Buy 18 Contracts For $144M

HOUSTON (AP) ¿ Natural-gas company Exterran Partners LP on Monday said it agreed to acquire contracts serving 18 customers from oil and gas industry services company Exterran Holdings Inc.

The deal, valued at about $144 million with transaction costs, includes the purchase of about 900 compressor units used to provide compression services under customer contracts, comprising about 273,000 horsepower.

Exterran Partners said it plans to borrow about $58 million under a new asset-backed securitization facility and issue about $86 million of new equity to Exterran Holdings to fund the transaction. The new equity would be comprised of 4.74 million common units and about 97,000 general partner units.

The partnership said it has already received a financing commitment for a new $150 million asset-backed securitization facility, which is expected to help fund this and future acquisition transactions. This facility, which matures in 2013, will be arranged by Wells Fargo Securities LLC and provided by Wachovia Bank NA.

Shares of Exterran Partners LP closed at $17.86 on Friday. Exterran Holdings shares closed at $22.54.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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