New Issue: Exterran prices $350 million eight-year notes at par to yield 7¼%

By Paul A. Harris

St. Louis, Nov. 18 - Exterran Holdings, Inc. priced a $350 million issue of eight-year senior notes (Ba3/BB/) at par to yield 7¼% on Thursday, according to an informed source.

The yield printed on top of the price talk.

Bank of America Merrill Lynch, Wells Fargo Securities, J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and Credit Suisse Securities were the joint bookrunners.

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.

Issuer:	Exterran Holdings, Inc.
Amount:	$350 million
Maturity:	Dec. 1, 2018
Securities:	Senior notes
Bookrunners:	Bank of America Merrill Lynch, Wells Fargo Securities, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Credit Suisse
Co-managers:	Barclays Capital Inc., Credit Agricole CIB, RBS Securities Inc., Scotia Capital, SMBC Nikko, BBVA Securities, Mitsubishi UFJ Securities, Morgan Keegan, Raymond James, SunTrust Robinson Humphrey Inc.
Coupon:	7¼%
Price:	Par
Yield:	7¼%
Spread:	482 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Dec. 1, 2013, then callable at 105.438, 103.625, 101.813, par on and after Dec. 1, 2016
Equity clawback:	35% at 107.25 until Dec. 1, 2013
Change-of-control put:	101%
Trade date:	Nov. 18
Settlement date:	Nov. 23
Ratings:	Moody's: Ba3
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7¼% area
Marketing:	Roadshow

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