Brief: Tetra Technologies Inc Announces Q4 Results And Divestment Of Interests In CSI Compressco LP And Related Assets For $30.7 Mln

CSI Compressco LP

29/01/2021 13:24

Jan 29 (Reuters) - Tetra Technologies Inc  TTI.N :
    * TETRA TECHNOLOGIES INC - TETRA ONLY (EXCLUDING CSI
COMPRESSCO
LP) PRELIMINARY Q4, 2020 TOTAL REVENUE $76.4 MILLION TO $74.4
MILLION
    * TETRA TECHNOLOGIES INC - IN ADDITION, EXCLUDING DIVESTED
CSI
COMPRESSCO OPERATIONS TETRA EXPECTS FREE CASH FLOW TO AGAIN BE
POSITIVE FOR Q4
    * TETRA TECHNOLOGIES - AS A RESULT OF DEALS , BRADY MURPHY
AND
ELIJIO SERRANO WILL NO LONGER SERVE AS CEO OR CFO, RESPECTIVELY,
OF CSI COMPRESSCO
    * TETRA TECHNOLOGIES INC - CSI COMPRESSCO WILL ALSO PAY
APPROXIMATELY $2.5 MILLION OF OUTSTANDING INTERCOMPANY BALANCES
TO TETRA
    * TETRA TECHNOLOGIES INC - SELLING 674,587 GP UNITS AND IDRS
PLUS
10.95 MILLION OF ITS 16.19 MILLION COMMON UNITS IN CSI
COMPRESSCO FOR $13.95 MILLION
    * TETRA TECHNOLOGIES INC - TETRA WILL CONTINUE TO OWN 5.2
MILLION
CSI COMPRESSCO COMMON UNITS
    * TETRA TECHNOLOGIES INC - INTENDS TO USE MOST OF PROCEEDS,
NET OF
TRANSACTION EXPENSES, TO REDUCE AMOUNT OUTSTANDING ON ITS 2025
TERM LOAN
    * TETRA TECHNOLOGIES - IF CERTAIN FINANCIAL TARGETS ARE
ACHIEVED
BY CSI COMPRESSCO IN 2022, CO ENTITLED TO CONTINGENT PAYMENT
FROM SPARTAN OF $3.1 MILLION
    * TETRA TECHNOLOGIES - DEAL WILL NOT RESULT IN CSI
COMPRESSCO
ISSUING ANY EQUITY OR ASSUMING ANY LIABILITIES OR INCURRING ANY
INCREMENTAL INDEBTEDNESS

Source text for Eikon:  ID:nPnbgv6y9a 
Further company coverage:  TTI.N 

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