Exterran Partners L.P. (EXLP, Financial) filed Quarterly Report for the period ended 2010-09-30.
Exterran Partners L.p. has a market cap of $646.7 million; its shares were traded at around $23.66 with a P/E ratio of 112.6 and P/S ratio of 3.5. The dividend yield of Exterran Partners L.p. stocks is 7.9%.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 nine months ended September 30, 2010 compared to the nine months ended September 30, 2009, partially offset by a $2.4 million increase in amounts due from affiliates in the nine months ended September 30, 2009. Capital expenditures for the nine months ended September 30, 2010 were $21.6 million, consisting of $11.9 million for fleet growth capital and $9.7 million for compressor maintenance activities. We purchased $9.8 million of new compression equipment from Exterran Holdings during the nine months ended September 30, 2010.
Long-term Debt. We, as guarantor, and EXLP Operating LLC, our wholly-owned subsidiary (EXLP Operating), as borrower, were parties to a senior secured credit agreement (the 2006 Credit Agreement) that provided for a five-year, $315 million revolving credit facility maturing in October 2011 (the 2006 Revolver). In May 2008, we and EXLP Operating entered into an amendment to the 2006 Credit Agreement that provided for a $117.5 million term loan facility (the 2008 Term Loan). As of September 30, 2010, we had $288.0 million in outstanding borrowings under the 2006 Revolver and $117.5 million in outstanding borrowings under the 2008 Term Loan.
On November 3, 2010, we and our subsidiaries, as guarantors, and EXLP Operating, as borrower, entered into an amendment and restatement of the 2006 Credit Agreement (as so amended and restated, the 2010 Credit Agreement) to provide for a new five-year, $550 million senior secured credit facility (the 2010 Credit Facility) consisting of a $400 million revolving credit facility (the 2010 Revolver) and a $150 million term loan (the 2010 Term Loan). Concurrent with the execution of the agreement, we borrowed $304.0 million under the 2010 Revolver and $150 million under the 2010 Term Loan and used the proceeds to (i) repay the entire $406.1 million outstanding under the 2006 Credit Agreement, (ii) repay the entire $30.0 million outstanding under our 2009 ABS Facility and terminate that facility, (iii) pay $14.8 million to terminate the interest rate swap agreements to which we were a party and (iv) pay customary fees and other expenses relating to the facility. The $14.8 million we paid related to the terminated interest rate swaps will be amortized into interest expense over the original term of the swaps. We incurred transaction costs of approximately $4.0 million related to the 2010 Credit Agreement. These costs will be included in Intangible and other assets, net and amortized over the respective facility terms.
As of September 30, 2010, we had undrawn capacity of $27.0 million and $120.0 million under the 2006 Revolver and 2009 ABS Facility, respectively. Under the 2010 Credit Agreement, we have limitations on our Total Debt to EBITDA ratio as discussed below.
As of September 30, 2010, after taking into consideration interest rate swaps, we had approximately $150.5 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.
Read the The complete Report
Exterran Partners L.p. has a market cap of $646.7 million; its shares were traded at around $23.66 with a P/E ratio of 112.6 and P/S ratio of 3.5. The dividend yield of Exterran Partners L.p. stocks is 7.9%.EXLP is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Other (Income) Expense, Net. Other (income) expense, net for the nine months ended September 30, 2010 included $0.4 million of gains on the sale of used compression equipment, significantly offset by $0.4 million of transaction costs associated with the August 2010 Contract Operations Acquisition recorded in the nine months ended September 30, 2010. Other (income) expense, net for the nine months ended September 30, 2009 primarily related to $0.3 million of transaction costs associated with the November 2009 Contract Operations Acquisition.Investing Activities. The increase in cash used in investing activities was primarily attributable to an increase in capital expenditures for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009, partially offset by a $2.4 million increase in amounts due from affiliates in the nine months ended September 30, 2009. Capital expenditures for the nine months ended September 30, 2010 were $21.6 million, consisting of $11.9 million for fleet growth capital and $9.7 million for compressor maintenance activities. We purchased $9.8 million of new compression equipment from Exterran Holdings during the nine months ended September 30, 2010.
Long-term Debt. We, as guarantor, and EXLP Operating LLC, our wholly-owned subsidiary (EXLP Operating), as borrower, were parties to a senior secured credit agreement (the 2006 Credit Agreement) that provided for a five-year, $315 million revolving credit facility maturing in October 2011 (the 2006 Revolver). In May 2008, we and EXLP Operating entered into an amendment to the 2006 Credit Agreement that provided for a $117.5 million term loan facility (the 2008 Term Loan). As of September 30, 2010, we had $288.0 million in outstanding borrowings under the 2006 Revolver and $117.5 million in outstanding borrowings under the 2008 Term Loan.
On November 3, 2010, we and our subsidiaries, as guarantors, and EXLP Operating, as borrower, entered into an amendment and restatement of the 2006 Credit Agreement (as so amended and restated, the 2010 Credit Agreement) to provide for a new five-year, $550 million senior secured credit facility (the 2010 Credit Facility) consisting of a $400 million revolving credit facility (the 2010 Revolver) and a $150 million term loan (the 2010 Term Loan). Concurrent with the execution of the agreement, we borrowed $304.0 million under the 2010 Revolver and $150 million under the 2010 Term Loan and used the proceeds to (i) repay the entire $406.1 million outstanding under the 2006 Credit Agreement, (ii) repay the entire $30.0 million outstanding under our 2009 ABS Facility and terminate that facility, (iii) pay $14.8 million to terminate the interest rate swap agreements to which we were a party and (iv) pay customary fees and other expenses relating to the facility. The $14.8 million we paid related to the terminated interest rate swaps will be amortized into interest expense over the original term of the swaps. We incurred transaction costs of approximately $4.0 million related to the 2010 Credit Agreement. These costs will be included in Intangible and other assets, net and amortized over the respective facility terms.
As of September 30, 2010, we had undrawn capacity of $27.0 million and $120.0 million under the 2006 Revolver and 2009 ABS Facility, respectively. Under the 2010 Credit Agreement, we have limitations on our Total Debt to EBITDA ratio as discussed below.
As of September 30, 2010, after taking into consideration interest rate swaps, we had approximately $150.5 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.
Read the The complete Report
