OKLAHOMA CITY, July 24, 2014 /PRNewswire/ -- Compressco
Partners, L.P. (Compressco or the Partnership) (NASDAQ: GSJK)
announced today the pricing of an underwritten public offering of
15,280,000 common units representing limited partner interests in
the Partnership (the "Common Units Offering"), at a public offering
price of $23.50 per unit. The
underwriters of the Common Units Offering have been granted an
option to purchase up to an additional 2,292,000 common units
within 30 days at the public offering price, less the underwriting
discount. The Common Units Offering is scheduled to close on
July 30, 2014, subject to customary
closing conditions.
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Compressco Partners expects to use the net proceeds from the
Common Units Offering to fund a portion of the purchase price and
related expenses of its pending acquisition of Compressor Systems,
Inc. (the "Acquisition") and the repayment of borrowings under its
existing revolving credit agreement. The closing of the Acquisition
is not a condition to the closing of the Common Units Offering.
BofA Merrill Lynch, Barclays Capital Inc., Wells Fargo
Securities, J.P. Morgan, Raymond
James & Associates, Inc., Credit Suisse Securities
(USA) LLC and RBC Capital Markets,
LLC are acting as joint book-running managers for the underwriters
in the Common Units Offering. The common units will be offered and
sold pursuant to an effective shelf registration statement
(including a base prospectus) on Form S-3 previously filed with the
Securities and Exchange Commission under the Securities Act. Copies
of the prospectus supplement and the base prospectus for the Common
Units Offering may be obtained from:
BofA Merrill
Lynch
Attn: Prospectus
Department
222 Broadway, New
York, New York 10038
Email:
dg.prospectus_requests@baml.com
|
Barclays, c/o
Broadridge Financial Solutions
Attn: Prospectus
Department
1155 Long Island
Avenue, Edgewood, New York 11717
Telephone: (888)
603-5847
Email:
Barclaysprospectus@broadridge.com
|
Wells Fargo
Securities
Attn: Equity
Syndicate Department
375 Park Avenue, New
York, New York 10152
Telephone: (800)
326-5897
Email:
cmclientsupport@wellsfargo.com
|
J.P. Morgan, c/o
Broadridge Financial Solutions
Attn: Prospectus
Department
1155 Long Island
Avenue, Edgewood, New York 11717
Telephone: (866)
803-9204
|
Raymond
James
Attn: Equity
Syndicate
880 Carillon Parkway,
St. Petersburg, FL 33716
Telephone: (800)
248-8863
Email:
prospectus@raymondjames.com
|
Credit
Suisse
Attn: Prospectus
Department
Eleven Madison
Avenue, New York, New York 10010
Telephone:
(800) 221-1037
Email:
newyork.prospectus@credit-suisse.com
|
RBC Capital
Markets
Attn: Equity
Syndicate
Three World Financial
Center
200 Vesey Street, 8th
Floor, New York, New York 10281
Telephone: (877)
822-4089
|
You may also obtain these documents for free when they are
available by visiting the SEC's web site at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to purchase the common units or any other
securities, and does not constitute an offer, solicitation or sale
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful.
About Compressco Partners, L.P.
Compressco Partners is a provider of compression-based
production enhancement services, which are used in both
conventional wellhead compression applications and unconventional
compression applications, and in certain circumstances, well
monitoring and sand separation services. Compressco Partners
provides services to a broad base of natural gas and oil
exploration and production companies operating throughout many of
the onshore producing regions of the
United States. Internationally, Compressco Partners has
significant operations in Mexico
and Canada and a growing presence
in certain countries in South
America, Europe and the
Asia-Pacific region. Compressco
Partners is managed by Compressco Partners GP Inc., which is an
indirect, wholly owned subsidiary of TETRA Technologies, Inc.
(NYSE: TTI).
Forward-Looking Statements
This press release includes certain statements that are deemed
to be forward-looking statements. Generally, the use of words such
as "may," "expect," "intend," "estimate," "projects," "anticipate,"
"believe," "assume," "could," "should," "plans," "targets," or
similar expressions that convey the uncertainty of future events,
activities, expectations, or outcomes identify forward-looking
statements. These forward-looking statements are based on certain
assumptions and analyses made by Compressco Partners in light of
its experience and its perception of historical trends, current
conditions, expected future developments, and other factors it
believes are appropriate in the circumstances. Such statements are
subject to a number of risks and uncertainties, many of which are
beyond the control of Compressco Partners. Investors are cautioned
that any such statements are not guarantees of future performances
or results and that actual results or developments may differ
materially from those projected in the forward-looking statements.
Some of the factors that could affect actual results are described
in Compressco Partners' Annual Report on Form 10-K for the year
ended December 31, 2013, as well as
other risks identified from time to time in its reports on Form
10-Q and Form 8-K filed with the U.S. Securities and Exchange
Commission. Compressco Partners undertakes no obligation to update
or revise any forward-looking statement to reflect new information
or events.
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SOURCE Compressco Partners, L.P.