Shearman And Sterling

News November 10, 2021

CSI Compressco LP Completes Series of Transactions

Shearman & Sterling represented the conflicts committee of the general partner, CSI Compressco GP LLC, in CSI Compressco LP’s (NASDAQ: CCLP) (CSI) execution of agreements resulting in a series of transactions that enable CSI to redeem all its outstanding Senior Unsecured Notes due 2022. The transactions involved (i) the acquisition of Spartan Energy Partners LP in exchange for 48.4 million common units in CSI and the assumption of approximately $32.5 million in debt as consideration; (ii) private placements of common units in CSI raising approximately $57 million; (iii) issuance of additional secured debt of $10 million; (iv) purchase of compressor units from CSI by the acquired entities of Spartan in an intercompany transaction for $24 million; and (v) issued notice of the redemption of the 2022 notes.

The Team