Universal Compression Partners (UCLP) Enters Into Agreement for $70 Million Private Placement of Common Units
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Universal Compression Partners, L.P. (Nasdaq: UCLP) has entered into an agreement to sell $70 million of common units representing limited partner interests in Universal Compression Partners to certain qualified institutional buyers in a private placement at a price of $34.75 per unit.
The closing of the private placement is conditioned upon the closing of Universal Compression Partners\' previously announced acquisition of a fleet of compressor units and customer contracts from Universal Compression Holdings, Inc. (NYSE: UCO - News) for approximately $233 million. Universal Compression Partners will use the proceeds from this private placement of approximately 2.0 million common units to fund a portion of the acquisition purchase price.
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