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EXHIBIT 99.1
Contact: Richard W. FitzGerald
Chief Financial Officer
(713) 335-7000
FOR IMMEDIATE RELEASE
UNIVERSAL COMPRESSION ANNOUNCES ISSUANCE OF SHARES TO
COVER OVER-ALLOTMENTS
Houston, June 8, 2000 -- Universal Compression Holdings, Inc. (NYSE:
UCO) today announced the issuance of an additional 275,000 shares of common
stock to cover over-allotments relating to its initial public offering of 7
million shares on May 30, 2000. The shares were sold at the initial offering
price of $22.00 and constitute a partial distribution under the 1.05 million
share over-allotment option granted to the underwriters. Proceeds to Universal
Compression from the exercise of the over-allotment option totaled
approximately $5.6 million, bringing total net proceeds from the initial public
offering to approximately $148.5 million.
The offering was managed by Merrill Lynch & Co., Salomon Smith Barney,
Deutsche Banc Alex. Brown, First Union Securities, Inc. and Wasserstein Perella
Securities, Inc. The shares were offered concurrently in the United States and
internationally.
Information about this offering is available in the prospectus filed
with the Securities and Exchange Commission. Copies of the prospectus may be
obtained from Merrill Lynch & Co., One Houston Center, 1221 McKinney, Suite
2700, Houston, Texas 77010. Additional information upon which the New York
Stock Exchange relied to approve the listing of the company is included in the
listing application, which is available to the public upon request.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such an offer, solicitation or sale would be
unlawful.
Universal Compression Holdings, Inc., together with its operating
subsidiary Universal Compression, Inc., is headquartered in Houston, Texas and
is a leading natural gas compression services company, providing a full range
of rental, sales, operations, maintenance and fabrication services, and
products to the natural gas industry.
