Exterran Partners L.P. (EXLP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Exterran Partners L.p. has a market cap of $422 million; its shares were traded at around $24.06 with a P/E ratio of 28.7 and P/S ratio of 2.3. The dividend yield of Exterran Partners L.p. stocks is 7.6%.EXLP is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
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 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 facility.
As of March 31, 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 March 31, 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 credit agreement, we have limitations on our Total Debt to EBITDA ratio as discussed below. Due to this limitation, only $106.7 million of the combined $152.0 million of undrawn capacity under both facilities would have been available for additional borrowings as of March 31, 2010.
On April 30, 2010, our board of directors approved a cash distribution of $0.4625 per limited partner unit, or approximately $11.6 million, including distributions to our general partner on its incentive distribution rights. The distribution covers the time period from January 1, 2010 through March 31, 2010. The record date for this distribution is May 11, 2010 and payment is expected to occur on May 14, 2010.
As of March 31, 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 $422 million; its shares were traded at around $24.06 with a P/E ratio of 28.7 and P/S ratio of 2.3. The dividend yield of Exterran Partners L.p. stocks is 7.6%.EXLP is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Investing Activities. The decrease in cash used in investing activities was primarily attributable to a decrease in capital expenditures for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. Capital expenditures for the three months ended March 31, 2010 were $2.6 million, consisting of $0.4 million for fleet growth capital and $2.2 million for compressor maintenance activities. We did not purchase any new compression equipment from Exterran Holdings during the three months ended March 31, 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 facility 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 facility.
As of March 31, 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 March 31, 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 credit agreement, we have limitations on our Total Debt to EBITDA ratio as discussed below. Due to this limitation, only $106.7 million of the combined $152.0 million of undrawn capacity under both facilities would have been available for additional borrowings as of March 31, 2010.
On April 30, 2010, our board of directors approved a cash distribution of $0.4625 per limited partner unit, or approximately $11.6 million, including distributions to our general partner on its incentive distribution rights. The distribution covers the time period from January 1, 2010 through March 31, 2010. The record date for this distribution is May 11, 2010 and payment is expected to occur on May 14, 2010.
As of March 31, 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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