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EXHIBIT 99.2
Contact: Richard W. FitzGerald
Chief Financial Officer
(713) 335-7000
FOR IMMEDIATE RELEASE
UNIVERSAL COMPRESSION ANNOUNCES CLOSING OF
INITIAL PUBLIC OFFERING
Houston, May 31, 2000 -- Universal Compression Holdings, Inc. (NYSE:
UCO) today announced the closing of its initial public offering of 7 million
shares of common stock at $22.00 per share. Universal Compression's common stock
is listed on the New York Stock Exchange under the symbol "UCO."
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. The company has granted the underwriters an option to purchase
up to an additional 1.05 million shares to cover over-allotments, if any.
All shares were sold by the company. Universal Compression received
approximately $142.9 million in net proceeds from the offering. A new operating
lease facility and revolving credit facility also closed concurrently with the
offering.
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.
