THE WOODLANDS, Texas,
Aug. 8, 2016 /PRNewswire/
-- TETRA Technologies, Inc. (NYSE:TTI) (the "Company" or
"TETRA") today announced that it has acquired 874,891 Series A
Convertible Preferred Units from CSI Compressco LP (the
"Partnership") (NASDAQ:CCLP) at a price of $11.43 per unit, for total consideration of
$10 million, as part of the
Partnership's total offering of $50
million of such units.
When the private placement is complete, TETRA's ownership
interest in CSI Compressco LP will be 42.4% of the outstanding
common units, 20% of the outstanding preferred units, and the
approximately 2% general partner interest, including IDRs. CSI
Compressco GP Inc., an indirect, wholly owned subsidiary of TETRA,
is the general partner of CSI Compressco LP.
Stuart Brightman, TETRA's
President and Chief Executive Officer, and Chairman of the Board of
the general partner of CSI Compressco LP, commented, "With this
investment, we are demonstrating our confidence in the
Partnership's ability to strengthen its balance sheet, provide
additional liquidity, and better position itself to respond rapidly
when activity levels rebound."
Additional details of the transaction are included in the
Company's Form 8-K filed today with the Securities and Exchange
Commission.
Company Overview
TETRA is a geographically diversified oil and gas services
company, focused on completion fluids and associated products and
services, water management, frac flowback, production well testing,
offshore rig cooling, compression services and equipment, and
selected offshore services including well plugging and abandonment,
decommissioning, and diving. TETRA owns an equity interest,
including all of the general partner interest, in CSI Compressco LP
(NASDAQ:CCLP), a master limited partnership.
Forward Looking Statements
This press release includes certain statements that are deemed
to be forward-looking statements. Generally, the use of words such
as "may," "expect," "intend," "estimate," "projects," "anticipate,"
"believe," "assume," "could," "should," "plans," "targets" or
similar expressions that convey the uncertainty of future events,
activities, expectations or outcomes identify forward-looking
statements that the Company intends to be included within the safe
harbor protections provided by the federal securities laws. These
forward-looking statements include statements concerning the
Company's expectations regarding its ability to comply with its
financial covenants, as well as the Company's beliefs,
expectations, plans, goals, future events and performance, and
other statements that are not purely historical. These
forward-looking statements are based on certain assumptions and
analyses made by the Company in light of its experience and its
perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. Such statements are subject to a number of
risks and uncertainties, many of which are beyond the control of
the Company. Investors are cautioned that any such statements are
not guarantees of future performances or results and that actual
results or developments may differ materially from those projected
in the forward-looking statements. Some of the factors that could
affect actual results are described in the section titled "Risk
Factors" contained in the Company's Annual Report on Form 10-K for
the year ended December 31, 2015, as
well as other risks identified from time to time in its reports on
Form 10-Q and Form 8-K filed with the Securities and Exchange
Commission.
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SOURCE TETRA Technologies, Inc.