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Published on 5/21/2003 in the Prospect News High Yield Daily.

New Issue: Universal Compression $175 million seven-year notes yield 7¼%

By Paul A. Harris

St. Louis, May 21 - Universal Compression Holdings sold $175 million of senior notes due May 15, 2010 (B1/B+) at par Wednesday to yield 7¼%, according to informed sources.

Price talk was for a yield of 7¼%-7½%.

Lehman Brothers, Merrill Lynch & Co. and Wachovia Securities, Inc. were joint bookrunners for the Rule 144A deal. Banc One Capital Markets was co-manager.

Proceeds will be used to redeem Universal Compression's 9 7/8% senior discount notes due 2008.

The issuer is a Houston natural gas compression services company.

Issuer:Universal Compression Holdings
Amount:$175 million
Maturity:May 15, 2010
Security description:Senior notes
Bookrunners:Lehman Brothers, Merrill Lynch, Wachovia Securities (joint)
Co-manager:Banc One Capital Markets
Coupon:7¼%
Price:Par
Yield:7¼%
Spread:433 basis points
Call features:Callable on May 15, 2007 at 103.625, then at 101.813, declining to par on May 15, 2009 and thereafter
Equity clawback:Until May 15, 2006 for 35% at 107.25
Settlement date:May 27, 2003
Ratings:Moody's: B1
Standard & Poor's: B+
Rule 144A Cusip:913433AD0
Price talk:7¼%-7½%

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