Archrock Announces Private Offering of $250 Million of Senior Notes
December 14 2020 - 7:39AM
Archrock, Inc. (NYSE: AROC) (“Archrock”) today announced that
Archrock Partners, L.P. (“Archrock Partners”), a wholly-owned
subsidiary of Archrock, intends, subject to market and other
conditions, to offer and sell to eligible purchasers $250 million
aggregate principal amount of senior notes due 2028 (the “New
Notes”). Archrock Partners Finance Corp., a wholly-owned subsidiary
of Archrock Partners (together with Archrock Partners, the
“Issuers”), will serve as co-issuer of the New Notes. The New Notes
are being offered as additional notes under an indenture, dated
December 20, 2019 (the “Indenture”), pursuant to which the Issuers
previously issued $500 million aggregate principal amount of 6.250%
senior notes due 2028 (the “Initial Notes”). The New Notes will
have identical terms as the Initial Notes, other than the issue
date, and the New Notes and the Initial Notes will be treated as a
single class of securities under the Indenture. Archrock Partners
intends to use the net proceeds of the sale of the New Notes to
partially repay outstanding borrowings under its revolving credit
facility and for general partnership purposes.
The New Notes have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), or any
state securities laws and, unless so registered, may not be offered
or sold in the United States except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements
of the Securities Act and the rules promulgated thereunder and
applicable state securities laws. The New Notes will be offered
only to qualified institutional buyers in reliance on Rule 144A
under the Securities Act and non-U.S. persons in transactions
outside the United States in reliance on Regulation S under the
Securities Act.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About Archrock
Archrock is an energy infrastructure company
with a pure-play focus on midstream natural gas compression.
Archrock is the leading provider of natural gas compression
services to customers in the oil and natural gas industry
throughout the United States and a leading supplier of aftermarket
services to customers that own compression equipment in the United
States.
About Archrock Partners
Archrock Partners is a leading provider of
natural gas compression services to customers in the oil and
natural gas industry throughout the United States. Archrock owns
all of the limited and general partnership interests in Archrock
Partners.
Forward-Looking Statements
All statements in this release (and oral
statements made regarding the subjects of this release) other than
historical facts are forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors that could cause actual results to differ
materially from such statements, many of which are outside Archrock
or Archrock Partners’ control. Forward-looking information
includes, but is not limited to: statements regarding Archrock
Partners’ proposed offering, the completion of such offering, the
intended use of net proceeds from the proposed offering, and the
impact of market conditions on such offering.
While Archrock and Archrock Partners believe
that the assumptions concerning future events are reasonable, they
caution that there are inherent difficulties in predicting certain
important factors that could impact the future performance or
results of its business. Among the factors that could cause results
to differ materially from those indicated by such forward-looking
statements are: local, regional and national economic conditions
and the impact they may have on Archrock Partners’ and its
customers; conditions in the oil and gas industry, including the
level of production of, demand for or price of oil or natural gas;
changes in safety, health, environmental and other regulations; the
financial condition of Archrock Partners’ customers; the failure of
any customer to perform its contractual obligations; and the
performance of Archrock.
These forward-looking statements are also
affected by the risk factors, forward-looking statements and
challenges and uncertainties described in Archrock’s Annual Report
on Form 10-K for the year ended December 31, 2019, and those
reports set forth from time to time in Archrock’s filings with the
Securities and Exchange Commission, which are available at
www.archrock.com. Except as required by law, Archrock and Archrock
Partners expressly disclaim any intention or obligation to revise
or update any forward-looking statements whether as a result of new
information, future events or otherwise.
SOURCE: Archrock, Inc.
For information, contact:
Megan RepineVice President, Investor
Relations(281) 836-8360investor.relations@archrock.com
Archrock (NYSE:AROC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Archrock (NYSE:AROC)
Historical Stock Chart
From Jul 2023 to Jul 2024