USA Compression IPO: According to the latest amended prospectus submitted by USA Compression to the Securities and Exchange Commission on June 8, 2012, the company’s common units have been approved for listing on the New York Stock Exchange under the symbol “USAC.”
USA Compression was formed in 2008 as a Texas limited partnership and converted to a Delaware limited partnership in 2011, is one of the largest independent providers of compression services in the U.S. From 2003 through the first quarter of 2012, the company’s average horsepower utilization was over 90%.
The company is acquired by USA Compression Holdings on December 23, 2010. For the years ended December, 2009, 2010 and 2011, the company booked $95.22 million, $92.03 million, $98.72 million in revenues, respectively. Operating incomes for the three years were $31.44 million, $22.89 million and $13.17 million, respectively. Net incomes for such years were $21.23 million, $10.48 million and $0.069 million, respectively. For the three months ended March 31, 2012, the company posted a pro forma net income of $1.89 million on revenue of $27.12 million versus a net income of $6.80 on revenue of $98.72 million.
The net proceeds from the USA Compression IPO will be used to repay indebtedness outstanding under the revolving credit facility..
Barclays Capital, Goldman Sachs are working as the lead underwriters of the USA Compression IPO. J.P. Morgan, Wells Fargo, Raymond James & Associates, RBC Capital Markets, UBS Securities also joined the USA Compression IPO syndicate.
USA Compression IPO