S&P rates Exterran notes BB

Standard & Poor's said it assigned a BB rating to Exterran Holdings Inc.'s (BB/stable) $250 million convertible senior unsecured notes due 2014 with 4 recovery rating.

Proceeds will be used to repay borrowing under the company's revolving credit facility and asset-backed securitization facility and for an associated convertible note hedge transaction.

"Following the notes offering, we expect Exterran's financial measures to remain in line for the ratings and its liquidity to improve as availability under the credit facilities increases," S&P analyst Aniki Saha-Yannopoulos said in a statement.

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