CSI Compressco LP (NASDAQ:CCLP) Files An 8-K Unregistered Sales of Equity Securities

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CSI Compressco LP (NASDAQ:CCLP) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02. Unregistered Sales of Equity Securities

As previously reported in Current Reports on Form 8-K filed on August 8, 2016 and September 21, 2016 by CSI Compressco LP, a Delaware limited partnership (the “Partnership”), the Partnership issued Series A Convertible Preferred Units representing limited partner interests in the Partnership (the “Preferred Units”) to certain purchasers thereof (the “Preferred Unitholders”).

to the terms of the Second Amended and Restated Agreement of Limited Partnership of the Partnership (the “Partnership Agreement”), a ratable portion of the Preferred Units will be converted each month over a period of thirty months beginning in March 2017 (each, a “Conversion Date”), subject to certain provisions of the Partnership Agreement that may delay or accelerate all or a portion of such monthly conversions. On each Conversion Date, the Preferred Units will convert into common units representing limited partner interests in the Partnership (“Common Units”) in an amount equal to, with respect to each Preferred Unitholder, the number of Preferred Units held by such Preferred Unitholder divided by the number of Conversion Dates remaining, subject to adjustment as described in the Partnership Agreement, with the conversion price determined by the trading price of the Common Units over the month prior to such Conversion Date. On March 8, 2017 and April 10, 2017, the Partnership issued 280,065 and 316,914 Common Units, respectively, to Preferred Unitholders as a result of the monthly conversions of Preferred Units.

The issuances of Common Units described in this Current Report on Form 8-K by the Partnership to the Preferred Unitholders were undertaken in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, to Section 4(a)(2) thereof.

 

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About CSI Compressco LP (NASDAQ:CCLP)

CSI Compressco LP, formerly Compressco Partners, L.P., is a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Company sells custom-designed compressor packages and oilfield fluid pump systems, and provides aftermarket services and compressor package parts and components manufactured by third-party suppliers. It provides these compression services and equipment to a base of natural gas and oil exploration and production, midstream and transmission companies operating throughout many of the onshore producing regions of the United States, as well as in a number of foreign countries, including Mexico, Canada and Argentina. It is a service provider of natural gas compression services in the United States, utilizing its fleet of compressor packages that employs a spectrum of low-, medium- and high-horsepower engines.

CSI Compressco LP (NASDAQ:CCLP) Recent Trading Information

CSI Compressco LP (NASDAQ:CCLP) closed its last trading session down -0.26 at 9.58 with 210,389 shares trading hands.