Exterran Partners, L.P. (NASDAQ: EXLP) (the “Partnership”) today announced that it priced a previously announced underwritten public offering of 4,500,000 common units representing limited partner interests in the Partnership at $24.05 per common unit. The offering is expected to close on or about March 5, 2012. The Partnership also granted the underwriters a 30-day option to purchase up to 675,000 additional common units to cover over-allotments, if any.
The Partnership intends to use all of the net proceeds, in the amount of $103.8 million, of this offering to repay borrowings outstanding under its revolving credit facility. Amounts repaid under its revolving credit facility, subject to the terms of the facility, may be reborrowed for general partnership purposes, including to fund a portion of the consideration for the previously announced acquisition of compression and processing assets from Exterran Holdings, Inc. pursuant to that certain Contribution, Conveyance and Assumption Agreement, dated as of February 22, 2012, if consummated.
Wells Fargo Securities, Barclays Capital and Citigroup are acting as joint book-running managers. A copy of the preliminary prospectus supplement and prospectus relating to the offering may be obtained from the following addresses:
Wells Fargo Securities
Attn: Equity Syndicate Department
375 Park Avenue
New York, NY 10152
Telephone: (800) 326-5897
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Attn: Prospectus Department
Brooklyn Army Terminal
140 58th Street, 8th Floor
Brooklyn, New York 11220
Telephone: (800) 831-9146
This offering is made pursuant to an effective shelf registration statement and prospectus filed by the Partnership with the Securities and Exchange Commission (“SEC”). This press release shall not constitute an offer to sell or the solicitation of an offer to buy the common units described herein, nor shall there be any sale of these common units in any state or 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 related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.