Exterran Corporation Announces Waivers Extension and Amendment to Credit Agreement
August 29 2016 - 4:20PM
Business Wire
Exterran Corporation (NYSE: EXTN) (“Exterran” or the “Company”)
today announced that it has obtained an extension of the waivers
from its credit facility lenders in connection with the Company’s
previously announced restatement of its financial statements. Under
the amended terms of the credit agreement, Exterran’s waivers were
extended from August 31, 2016 to November 30, 2016.
In addition, under the amended credit agreement, the definition
of EBITDA will exclude certain restructuring and restatement costs
for purposes of determining the total leverage ratio. A more
detailed description of the amendment may be found in the Company’s
Current Report on Form 8-K filed with the Securities and Exchange
Commission.
“We appreciate the ongoing cooperation and support of our
lenders,” said Andrew Way, Exterran’s President and Chief Executive
Officer. “The exclusion of certain restructuring and restatement
costs will better align our covenant leverage with our operational
performance and increase our borrowing availability. In addition to
the debt we have repaid so far in 2016, the incremental
availability provides us with the necessary liquidity to fund
growth investments as opportunities arise through the remainder of
this year and into 2017. We continue to be committed to regaining
compliance with all SEC filing requirements and New York Stock
Exchange listing requirements as promptly as possible.”
About Exterran Corporation
Exterran Corporation (NYSE: EXTN) is a market leader in
compression, production and processing products and services,
serving customers throughout the world engaged in all aspects of
the oil and natural gas industry. Its global product lines include
natural gas compression, process & treating and production
equipment and water treatment solutions. Outside the United States,
Exterran Corporation is a leading provider of full-service natural
gas contract compression and a supplier of new, used, OEM and
aftermarket parts and services. Exterran Corporation is
headquartered in Houston, Texas and operates in approximately 30
countries.
For more information, visit www.exterran.com.
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, many of which are outside Exterran
Corporation’s (“Exterran”) control, which could cause actual
results to differ materially from such statements. Forward-looking
information includes, but is not limited to, Exterran’s ability to
fund future growth investments; and the anticipated timing for
regaining compliance with all SEC filing requirements and New York
Stock Exchange listing requirements.
While Exterran believes that the assumptions concerning future
events are reasonable, it cautions 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 unanticipated
delays in completing the Audit Committee’s internal investigation,
the preparation and audit of the Company’s previously filed
financial statements and the implementation of changes to the
Company’s internal controls and procedures.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties described in Exterran’s Annual Report on Form 10-K
for the year ended December 31, 2015, Exterran’s Registration
Statement on Form 10 and Exterran’s other filings with the SEC,
which are available at www.exterran.com. Except as required by law,
Exterran expressly disclaims any intention or obligation to revise
or update any forward-looking statements, whether as a result of
new information, future events or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160829005933/en/
Exterran CorporationInvestors: Greg Rosenstein,
281-854-3199Media: George Smalley, 281-836-3163
Exterran (NYSE:EXTN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exterran (NYSE:EXTN)
Historical Stock Chart
From Apr 2023 to Apr 2024