AUSTIN, Texas--(BUSINESS WIRE)--Mar. 21, 2016--
USA Compression Partners, LP (NYSE:USAC) (the “Partnership”) today
announced it has closed the Third Amendment to its Fifth Amended and
Restated Credit Agreement. The amendment provides additional flexibility
for the Partnership under the financial leverage ratio covenant, which
is expected to allow the Partnership to continue to operate its business
in the near term without the need to raise additional capital from
equity sales.
“This amendment provides the Partnership with incremental flexibility in
managing our balance sheet, leverage and distribution policy as we
continue to operate in a challenging energy market,” said Eric D. Long,
President and Chief Executive Officer of the Partnership. “We view the
amendment as a strong show of support by our lender group. This is
another indication of the confidence that has been built during the
long-standing working partnership we have enjoyed with our lender group,
led by JPMorgan Chase since 2004. This amendment provides the
Partnership with enhanced ability to navigate through an uncertain
energy marketplace and we believe dismisses any need for equity
financing in the near term, the cost of which is currently at a level we
deem unattractive and uneconomic,” he said.
“We continue to see stability in our cash flows during this period of
depressed commodity prices. For 2016, our primary areas of focus
continue to be maintaining capital discipline, utilizing our fleet as
efficiently as possible and maximizing our operating margins. We affirm
the 2016 Outlook provided in our February 10, 2016 Earnings Release,” he
said.
About USA Compression Partners, LP
USA Compression Partners, LP is a growth-oriented Delaware limited
partnership that is one of the nation’s largest independent providers of
compression services in terms of total compression fleet horsepower. The
Partnership partners with a broad customer base composed of producers,
processors, gatherers and transporters of natural gas and crude oil. The
Partnership focuses on providing compression services to infrastructure
applications primarily in high-volume gathering systems, processing
facilities and transportation applications. More information is
available at usacompression.com.
FORWARD-LOOKING STATEMENTS
Statements in this press release may be forward-looking statements as
defined under federal law. These forward-looking statements rely on a
number of assumptions concerning future events and are subject to a
number of uncertainties and factors, many of which are outside the
control of the Partnership, and a variety of risks that could cause
results to differ materially from those expected by management of the
Partnership. These risks include, but are not limited to, changes in the
long-term demand for crude oil and natural gas, the demand for the
Partnership’s compression services and actions taken by its customers,
competitive conditions in the industry, and changes in general economic
conditions, including the overall economic outlook of the oil and
natural gas industry, as well as other risks discussed in the
Partnership’s filings with the U.S. Securities and Exchange Commission.
The Partnership undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160321005270/en/
Source: USA Compression Partners, LP
Investors
Matt Liuzzi, 512-369-1624
Chief Financial
Officer
mliuzzi@usacompression.com
or
Mike
Lenox, 512-369-1632
VP – Finance
mlenox@usacompression.com
or
William
Lehner, 512-369-1623
Director – Business Development / IR
wlehner@usacompression.com