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USA Compression Partners Announces New Credit Facility
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Rhea-AI Sentiment
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Rhea-AI Summary
USA Compression Partners, LP (NYSE: USAC) announced a significant extension of its senior secured credit facility, now maturing in December 2026. The new credit agreement, effective December 8, 2021, involves J.P. Morgan and 17 other financial institutions, totaling $1.6 billion in commitments. This strategic move provides the company with increased flexibility and lower interest margins. Currently, the drawn balance is approximately $514 million, allowing the partnership to pursue growth opportunities in its natural gas compression services sector.
Positive
Extension of senior secured credit facility until December 2026.
Total commitment of $1.6 billion from 18 financial institutions.
AUSTIN, Texas--(BUSINESS WIRE)--
USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today that it had entered into the Seventh Amended and Restated Credit Agreement effective today, December 8, 2021, extending the maturity of its senior secured credit facility until December 2026. The credit facility is led by J.P. Morgan and includes 17 additional financial institutions with a combined commitment of $1.6 billion.
Eric Long, President and CEO of USA Compression, commented, “This is the latest extension of our credit facility, which dates back over 15 years, with many of the same banks and financial institutions having participated continually at increasing levels of commitments since the inception. The Partnership decided to take advantage of a strong lending environment and opportunistically reset the tenor for another 5 years prior to the existing credit facility going current early next year. The new credit facility provides the Partnership with additional flexibility at lower interest margin spreads – consistent with the overall compression financing market and other industry peers. Given our current drawn balance of approximately $514 million, this new credit facility provides the Partnership ample capacity with which to grow and manage the business in the coming years to the benefit of all our stakeholders. We are very grateful for the long-term support of USA Compression by the entire bank group – and their continued votes of confidence in USA Compression’s stable, large horsepower, infrastructure focused business model.”
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 natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.
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 USA Compression, and a variety of risks that could cause results to differ materially from those expected by management of USA Compression. USA Compression 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.
