CSI Compressco to sell $350 million seven-year secured notes

By Paul Deckelman

New York, March 5 – CSI Compressco LP and its wholly owned CSI Compressco Finance Inc. subsidiary were heard by high-yield syndicate sources on Monday to be offering for sale some $350 million of senior secured first-lien notes due 2025 (B1/B+).

Information on the timing, marketing plans, investment banks involved in the Rule 144A/Regulation S offering and the call protection status and other features of the notes was not immediately available.

The company – a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing, and storage based in The Woodlands, Texas – plans to use the net proceeds from the offering to repay all of its outstanding borrowings under its existing revolving credit facility and terminate that facility and for general partnership purposes, including the expansion of its compression fleet.

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