Universal Compression to redeem $440 million 8 7/8% notes with credit facility proceeds

By Caroline Salls

Pittsburgh, Dec. 6 - Universal Compression Holdings Inc. said it will redeem its $440 million outstanding of 8 7/8% notes at a price of 104.438 using proceeds from its new $650 million senior secured credit facility.

The notes are callable beginning Feb. 15, 2005.

The company said there is no assurance that the credit facility will close or the notes will be redeemed.

Proceeds will also be used to repay $82 million of term debt and $50 million outstanding under the company's existing revolving credit facility and for working capital needs and general corporate purposes.

Universal Compression is a Houston-based natural gas compression services company.

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