| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Exterran Holdings Inc. > News item |
Exterran withdraws $400 million seven-year notes, delays spinoff
By Paul A. Harris
Portland, Ore., July 24 – Exterran Holdings, Inc. announced in a Friday press release that it has withdrawn its $400 million offering of seven-year senior notes (B1/BB-) due to adverse market conditions.
No formal price talk had been announced.
Early guidance was 8% to 8¼%, according to market sources.
As a result of the withdrawn bond deal, the planned spin-off of the company’s international services and global fabrication businesses into a stand-alone, publicly traded company named Exterran Corp. will be delayed, the release stated.
Exterran intends to complete the spin-off when market conditions allow.
“We remain committed to enhancing shareholder value through the creation of two separate entities,” Brad Childers, Exterran president and chief executive officer stated in the release.
“Our employees have done a tremendous job preparing for the separation of our businesses, and, as a result of that work, we are positioned to begin operating as two separate companies when the spin-off occurs,” Childers added.
“Until that time, we will continue to operate as one company, focused on delivering high-quality products and services to our customers.”
Goldman Sachs & Co., Wells Fargo Securities LLC, Credit Agricole Securities (USA) Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., RBC Capital Markets Corp. and UniCredit Bank AG were the joint bookrunners for the withdrawn Rule 144A and Regulation S offer which was marketed on a roadshow that took place in early July.
The deal had been in the market via wholly owned subsidiary Exterran Energy Solutions LP.
Exterran is a Houston-based global provider of natural gas compression services, operations, maintenance, service and equipment for oil and gas producers, processors and transporters.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.