Exterran Partners L.P. (EXLP, Financial) filed Quarterly Report for the period ended 2009-09-30.
EXTERRAN PARTNERS L.P. was formed by Exterran Holdings to provide natural gas contract operations services to customers throughout the United States. Exterran Holdings indirectly owns a majority interest in Exterran Partners. Exterran Holdings Inc. is a global market leader in full service natural gas compression and a premier provider of operations maintenance service and equipment for oil and gas production processing and transportation applications. Exterran Holdings serves customers across the energy spectrum from producers to transporters to storage owners. Exterran Partners L.p. has a market cap of $238.8 million; its shares were traded at around $18.66 with a P/E ratio of 12.5 and P/S ratio of 1.5. The dividend yield of Exterran Partners L.p. stocks is 9.8%.
We currently plan to spend approximately $19 million to $22 million in net capital expenditures during 2009 including (1) $4 million to $5 million on growth capital for fleet equipment and (2) approximately $15 million to $17 million on equipment maintenance capital.
Long- term Debt. In October 2006, we, as guarantor, and EXLP Operating LLC, our wholly-owned subsidiary, entered into a five-year senior secured credit agreement. The revolving credit facility under the credit agreement initially consisted of a $225.0 million revolving credit facility that was expanded to $315.0 million in July 2007.
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 facility that matures in October 2011. Concurrent with the closing of the July 2008 Contract Operations Acquisition, 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 facility.
As of September 30, 2009, we had approximately $267.0 million outstanding and $48.0 million available under our revolving credit facility. All amounts under the revolving credit facility mature in October 2011.
As of September 30, 2009, after taking into consideration interest rate swaps, we had approximately $129.5 million of outstanding indebtedness that was effectively subject to floating interest rates. A 1.0% increase in interest rates would result in an annual increase in our interest expense of approximately $1.3 million.
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EXTERRAN PARTNERS L.P. was formed by Exterran Holdings to provide natural gas contract operations services to customers throughout the United States. Exterran Holdings indirectly owns a majority interest in Exterran Partners. Exterran Holdings Inc. is a global market leader in full service natural gas compression and a premier provider of operations maintenance service and equipment for oil and gas production processing and transportation applications. Exterran Holdings serves customers across the energy spectrum from producers to transporters to storage owners. Exterran Partners L.p. has a market cap of $238.8 million; its shares were traded at around $18.66 with a P/E ratio of 12.5 and P/S ratio of 1.5. The dividend yield of Exterran Partners L.p. stocks is 9.8%.
Highlight of Business Operations:
Investing Activities. The increase in cash used in investing activities during the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008 was primarily attributable to $5.3 million in proceeds from the sale of used compression equipment in the nine months ended September 30, 2008. This increase was partially offset by a decrease capital expenditures and amounts due from affiliates, net in the nine months ended September 30, 2009. Capital expenditures for the nine months ended September 30, 2009 were $14.7 million, consisting of $3.4 million for fleet growth capital and $11.3 million for compressor maintenance activities. Included in our fleet growth capital expenditures for the nine months ended September 30, 2009 were new compression equipment purchases of $1.3 million from Exterran Holdings.We currently plan to spend approximately $19 million to $22 million in net capital expenditures during 2009 including (1) $4 million to $5 million on growth capital for fleet equipment and (2) approximately $15 million to $17 million on equipment maintenance capital.
Long- term Debt. In October 2006, we, as guarantor, and EXLP Operating LLC, our wholly-owned subsidiary, entered into a five-year senior secured credit agreement. The revolving credit facility under the credit agreement initially consisted of a $225.0 million revolving credit facility that was expanded to $315.0 million in July 2007.
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 facility that matures in October 2011. Concurrent with the closing of the July 2008 Contract Operations Acquisition, 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 facility.
As of September 30, 2009, we had approximately $267.0 million outstanding and $48.0 million available under our revolving credit facility. All amounts under the revolving credit facility mature in October 2011.
As of September 30, 2009, after taking into consideration interest rate swaps, we had approximately $129.5 million of outstanding indebtedness that was effectively subject to floating interest rates. A 1.0% increase in interest rates would result in an annual increase in our interest expense of approximately $1.3 million.
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