Exterran Partners L.P. (EXLP, Financial) filed Quarterly Report for the period ended 2010-06-30.
Exterran Partners L.p. has a market cap of $464.3 million; its shares were traded at around $26.4167 with a P/E ratio of 47.1 and P/S ratio of 2.5. The dividend yield of Exterran Partners L.p. stocks is 7%.EXLP is in the portfolios of Chuck Royce of Royce& Associates.
Investing Activities. The increase in cash used in investing activities was primarily attributable to an increase in capital expenditures for the six months ended June 30, 2010 compared to the six months ended June 30, 2009. Capital expenditures for the six months ended June 30, 2010 were $17.5 million, consisting of $11.0 million for fleet growth capital and $6.5 million for compressor maintenance activities. We purchased $9.8 million of new compression equipment from Exterran Holdings during the six months ended June 30, 2010.
In May 2008, we entered into an amendment to our senior secured credit facility that increased the aggregate commitments under that facility to provide for a $117.5 million term loan that matures in October 2011. Concurrent with the closing of our July 2008 acquisition from Exterran Holdings of certain contract operations customer service agreements and compressor units, the $117.5 million term loan was funded and $58.3 million was drawn on our revolving credit facility, which together were used to repay the debt assumed from Exterran Holdings in the acquisition and to pay other costs incurred in the acquisition. The $117.5 million term loan is non-amortizing but must be repaid with the net cash proceeds from any future equity offerings until paid in full. Subject to certain conditions, at our request, and with the approval of the lenders, the aggregate commitments under the senior secured credit facility may be increased by an additional $17.5 million. This amount will be increased on a dollar-for-dollar basis with each repayment under the term loan.
As of June 30, 2010, we had approximately $283.0 million outstanding under our revolving credit facility and $117.5 million of long-term debt outstanding under the term loan. All amounts under the revolving credit facility and term loan mature in October 2011.
As of June 30, 2010, we had undrawn capacity of $32.0 million and $120.0 million under our revolving credit facility and 2009 ABS Facility, respectively. Under our senior secured credit facility, we have limitations on our Total Debt to EBITDA ratio as discussed below. Due to this limitation, only $79.3 million of the combined $152.0 million of undrawn capacity under both facilities would have been available for additional borrowings as of June 30, 2010.
As of June 30, 2010, after taking into consideration interest rate swaps, we had approximately $145.5 million of outstanding indebtedness that was effectively subject to floating interest rates. A 1% increase in the effective interest rate would result in an annual increase in our interest expense of approximately $1.5 million.
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Exterran Partners L.p. has a market cap of $464.3 million; its shares were traded at around $26.4167 with a P/E ratio of 47.1 and P/S ratio of 2.5. The dividend yield of Exterran Partners L.p. stocks is 7%.EXLP is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Long-lived Asset Impairment. Long-lived asset impairments in the six months ended June 30, 2010 and 2009 were $0.2 million and $3.0 million, respectively, and resulted from a decline in market conditions. See Note 9 to the Financial Statements for further discussion of the long-lived asset impairments.Investing Activities. The increase in cash used in investing activities was primarily attributable to an increase in capital expenditures for the six months ended June 30, 2010 compared to the six months ended June 30, 2009. Capital expenditures for the six months ended June 30, 2010 were $17.5 million, consisting of $11.0 million for fleet growth capital and $6.5 million for compressor maintenance activities. We purchased $9.8 million of new compression equipment from Exterran Holdings during the six months ended June 30, 2010.
In May 2008, we entered into an amendment to our senior secured credit facility that increased the aggregate commitments under that facility to provide for a $117.5 million term loan that matures in October 2011. Concurrent with the closing of our July 2008 acquisition from Exterran Holdings of certain contract operations customer service agreements and compressor units, the $117.5 million term loan was funded and $58.3 million was drawn on our revolving credit facility, which together were used to repay the debt assumed from Exterran Holdings in the acquisition and to pay other costs incurred in the acquisition. The $117.5 million term loan is non-amortizing but must be repaid with the net cash proceeds from any future equity offerings until paid in full. Subject to certain conditions, at our request, and with the approval of the lenders, the aggregate commitments under the senior secured credit facility may be increased by an additional $17.5 million. This amount will be increased on a dollar-for-dollar basis with each repayment under the term loan.
As of June 30, 2010, we had approximately $283.0 million outstanding under our revolving credit facility and $117.5 million of long-term debt outstanding under the term loan. All amounts under the revolving credit facility and term loan mature in October 2011.
As of June 30, 2010, we had undrawn capacity of $32.0 million and $120.0 million under our revolving credit facility and 2009 ABS Facility, respectively. Under our senior secured credit facility, we have limitations on our Total Debt to EBITDA ratio as discussed below. Due to this limitation, only $79.3 million of the combined $152.0 million of undrawn capacity under both facilities would have been available for additional borrowings as of June 30, 2010.
As of June 30, 2010, after taking into consideration interest rate swaps, we had approximately $145.5 million of outstanding indebtedness that was effectively subject to floating interest rates. A 1% increase in the effective interest rate would result in an annual increase in our interest expense of approximately $1.5 million.
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