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Exterran plans new credit facility via Wachovia and JPMorgan
By Sara Rosenberg
New York, July 13 - Exterran Holdings Inc. is planning on getting a new senior secured credit facility (BB+) that be led by Wachovia and JPMorgan, according to a news release.
The facility will include a revolver and a term loan.
The credit facility linked to the merger of Universal Compression Holdings, Inc. and Hanover Compressor Co. into a new publicly traded company called Exterran.
Proceeds will be used to fund the redemption or repurchase of all of Universal Compression's and Hanover's outstanding debt other than Hanover's convertible debt securities and the credit facility of Universal's publicly traded subsidiary, Universal Compression Partners, LP.
The merger is expected to close on or about Aug. 20.
Universal Compression is a Houston-based natural gas compression services company. Hanover is a Houston-based provider of services for the oil and natural gas industry.
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