USA Compression Partners, LP (USAC) IPO Trades Flat
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The IPO for USA Compression Partners, LP (NYSE: USAC) opened for at trading at $17.50 per shares after pricing 11 million units at $18, which was below the expected $19-$21 range. Shares trended up to $17.70 at last check.
The company intends to use the net proceeds from the offering to repay indebtedness under USA Compression’s revolving credit facility.
Barclays Capital Inc., Goldman, Sachs & Co., J.P.Morgan Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering, with Raymond James & Associates, Inc., RBC Capital Markets, LLC, UBS Securities LLC and Evercore Group L.L.C. acting as co-managers.
Formed as a growth-oriented Delaware limited partnership, USA Compression Partners, LP is one of the largest independent providers of compression services in the U.S. in terms of total compression unit horsepower. Natural gas compression, a mechanical process whereby natural gas is compressed to a smaller volume resulting in a higher pressure, is an essential part of the production and transportation of natural gas.
The company intends to use the net proceeds from the offering to repay indebtedness under USA Compression’s revolving credit facility.
Barclays Capital Inc., Goldman, Sachs & Co., J.P.Morgan Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering, with Raymond James & Associates, Inc., RBC Capital Markets, LLC, UBS Securities LLC and Evercore Group L.L.C. acting as co-managers.
Formed as a growth-oriented Delaware limited partnership, USA Compression Partners, LP is one of the largest independent providers of compression services in the U.S. in terms of total compression unit horsepower. Natural gas compression, a mechanical process whereby natural gas is compressed to a smaller volume resulting in a higher pressure, is an essential part of the production and transportation of natural gas.
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