USA Compression Partners, LP (NYSE: USAC) (the “Partnership”), announced
today the pricing of an underwritten public offering of 6,600,000 common
units representing limited partner interests in the Partnership, of
which 5,600,000 common units were offered by the Partnership and
1,000,000 common units were offered by certain selling unitholders (the
“Selling Unitholders”), at a public offering price of $25.59 per common
unit, less the underwriting discount. The underwriters have been granted
a 30-day option to purchase up to an additional 990,000 common units
from certain of the Selling Unitholders at the public offering price,
less the underwriting discount, to cover over-allotments. The offering
is scheduled to close on May 19, 2014, subject to customary closing
conditions.
The Partnership intends to use the net proceeds of approximately $137.9
million from the offering, after discounts, commissions and offering
expenses, to reduce the indebtedness outstanding under its revolving
credit facility and for general partnership purposes. The Partnership
will not receive any proceeds from the common units sold by the Selling
Unitholders.
Wells Fargo Securities, Barclays, Goldman, Sachs & Co., J.P. Morgan and
UBS Investment Bank are acting as joint book-running managers for the
offering. Raymond James, RBC Capital Markets, Regions Securities LLC and
Scotia Capital (USA) Inc. are acting as co-managers.
The offering of these securities is being made only by means of the
prospectus supplement and accompanying base prospectus as filed with the
SEC. When available, copies of the prospectus supplement and
accompanying base prospectus relating to the offering may be obtained
free of charge on the SEC’s website at www.sec.gov
under the Partnership’s name or from the underwriters of the offering as
follows:
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Wells Fargo Securities Attn: Equity Syndicate Dept. 375
Park Avenue New York, New York 10152 cmclientsupport@wellsfargo.com (800)
326-5897
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Barclays Capital Inc. c/o Broadridge Financial Solutions 1155
Long Island Avenue Edgewood, New York 11717 barclaysprospectus@broadridge.com (888)
603-5847
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Goldman, Sachs & Co. Attn: Prospectus Department 200
West Street New York, New York 10282 (866) 471-2526
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J.P. Morgan c/o Broadridge Financial Solutions 1155 Long
Island Avenue Edgewood, New York 11717 (866) 803-9204
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UBS Securities LLC Attn: Prospectus Department 299 Park
Avenue New York, NY 10171 (888) 827-7275
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This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described above, nor
shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such state or
jurisdiction. The offer is being made only through the prospectus as
supplemented, which is part of an effective registration statement on
Form S-3 previously filed by the Partnership with the Securities and
Exchange Commission.
ABOUT USA COMPRESSION PARTNERS, LP
USA Compression Partners, LP is a growth-oriented Delaware limited
partnership that is one of the nation’s largest independent providers of
compression services in terms of total compression unit horsepower. The
Partnership partners with a broad customer base composed of producers,
processors, gatherers and transporters of natural gas and crude oil. The
Partnership focuses on providing compression services to infrastructure
applications primarily in high volume gathering systems, processing
facilities and transportation applications.
FORWARD-LOOKING STATEMENTS
Statements in this press release may be forward-looking statements as
defined under federal law. These forward-looking statements rely on a
number of assumptions concerning future events and are subject to a
number of uncertainties and factors, many of which are outside the
control of the Partnership, and a variety of risks that could cause
results to differ materially from those expected by management of the
Partnership. The Partnership undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time.
Copyright Business Wire 2014