Exterran Partners Secures $550 Million Senior Secured Credit Facility

Exterran Partners, a leading natural gas contract operations service provider in the United States, has successfully executed a new five-year senior secured credit facility worth $550 million. The facility, led by Wells Fargo Securities and featuring a syndicate of major banks, replaces the company's previous credit facility and provides additional financial flexibility for Exterran Partners to execute its growth strategy and deliver long-term value to unitholders. The refinancing also allows Exterran Partners to repay the entire outstanding balance under its asset-backed securitization facility and terminate existing interest rate swaps.

Key Takeaways:

• Exterran Partners has secured a new five-year senior secured credit facility worth $550 million, consisting of a $400 million revolving credit facility and a $150 million term loan facility.
• The new facility is led by Wells Fargo Securities, LLC, as Sole Lead Arranger and Sole Book Runner, and features a syndicate of major banks, including Bank of America, JPMorgan Chase Bank, Barclays Bank PLC, and The Royal Bank of Scotland PLC.
• The facility replaces Exterran Partners' former senior secured credit facility, which consisted of a $315 million revolving credit facility and a $117.5 million term loan facility, both due in October 2011.
• Proceeds from the new facility were used to repay the entire outstanding balance under Exterran Partners' asset-backed securitization facility and terminate existing interest rate swaps.
• The refinancing provides Exterran Partners with additional financial flexibility to execute its growth strategy and deliver long-term value to unitholders.
• Michael J. Aaronson, Chief Financial Officer of Exterran Partners, expressed satisfaction with the support of the lender group, which includes several institutions with long-term relationships with Exterran.

Statistics:

• The new credit facility consists of a $400 million revolving credit facility and a $150 million term loan facility, totaling $550 million.
• The facility has a maturity date of November 2015, replacing the previous credit facility with a maturity date of October 2011.
• The refinancing involves the repayment of an entire outstanding balance of $500 million under Exterran Partners' asset-backed securitization facility.
• Exterran Partners' previous senior secured credit facility consisted of a $315 million revolving credit facility and a $117.5 million term loan facility, totaling $432.5 million.
• The new facility features a syndicate of major banks, including Wells Fargo Securities, LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., Barclays Bank PLC, and The Royal Bank of Scotland PLC.

Sources:

• Exterran Partners' press release, dated [no date provided]
• Exterran Partners' Annual Report on Form 10-K for the year ended December 31, 2009
• Exterran Holdings, Inc.'s (NYSE: EXH) website, www.exterran.com