Exterran talks $350 million eight-year notes with 7¼% area yield

By Paul A. Harris

St. Louis, Nov. 17 - Exterran Holdings, Inc. talked its $350 million offering of eight-year senior notes (expected ratings Ba3/BB) with a 7¼% area yield on Wednesday, according to a market source.

The books will close at noon ET on Thursday, and the deal is set to price Thursday afternoon.

Bank of America Merrill Lynch, Wells Fargo Securities, J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and Credit Suisse Securities are the joint bookrunners for the Rule 144A with registration rights offering.

Barclays Capital Inc., Credit Agricole CIB, RBS Securities Inc., Scotia Capital, SMBC Nikko, BBVA Securities Inc., Mitsubishi UFJ Securities, Morgan Keegan & Co. Inc., Raymond James & Associates and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes come with three years of call protection and have a 101% poison put.

Proceeds will be used to repay debt under the company's asset-based securitization facility and its revolver.

Exterran is a Houston-based provider of natural gas contract operations services.

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