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CSI Compressco LP Announces Final Results and Expiration of Exchange Offer and Consent Solicitation

Vinson & Elkins advised CSI Compressco LP in its offer to exchange for its outstanding principal amount of 7.25% Senior Unsecured Notes due 2022 for newly issued 7.50% Senior Secured First Lien Notes due 2025 and 10.0%/10.75% Senior Secured Second Lien Notes due 2026. The exchange offer expired on June 10, 2020.

This bond exchange, completed at a modest discount to par and extending the vast majority of 2022 maturities for three and four years, is one of the few successfully completed “liability management transactions” since the beginning of the Covid-related energy downturn and was struck after extensive negotiation with a bondholder group represented by Akin Gump.

The V&E corporate team was led by partner David Oelman and counsel Dan Spelkin, with assistance from senior associate Raleigh Wolfe and associates Alex Lewis, Ximena Kuri and Lawrence Nelson. Strategic assistance was provided by senior associate Jessica Peet and partner David Meyer in V&E’s restructuring group. The V&E finance team was led by partners James Longhofer and Bailey Pham, with assistance from associate Arthur Munoz.

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