AUSTIN, Texas--(BUSINESS WIRE)--
USA Compression Partners, LP (USAC) (the “Partnership”) today announced the closing of the Fifth Amended and Restated Credit Agreement. The amendment provides for an increase in the facility capacity from $600 million to $850 million and an extension of the maturity to 2018. In addition, the revolving credit facility contains an accordion feature whereby it can be expanded to $950 million under certain conditions. The amendment to the Partnership’s revolving credit facility reduces the applicable interest rate margins on borrowings and provides additional flexibility under the financial covenants.
As of September 30, 2013, the Partnership had approximately $390 million of variable-rate outstanding indebtedness under its revolving credit facility.
“We appreciate the continued support and confidence of our lender group, which includes multiple institutions with long-term relationships with USA Compression,” said Eric D. Long, President and Chief Executive Officer of the Partnership. “We view the strong initial commitments from several new institutions in our lender group as a strong vote of confidence in our Partnership. This financial commitment to our Partnership from the lender community provides us with additional financial flexibility as we continue to execute our growth strategy and deliver long-term value to our unitholders.”
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 company partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas. USA Compression focuses on providing compression services to infrastructure applications primarily in high volume gathering systems, processing facilities and transportation applications. More information is available at www.usacpartners.com.
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 USAC, and a variety of risks that could cause results to differ materially from those expected by management of USAC. USAC 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.
- Investment & Company Information
- revolving credit facility