As filed with the Securities and Exchange Commission on January 11, 2013
Registration No. 333-174803
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 11
to
Form S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
USA COMPRESSION PARTNERS, LP
(Exact Name of Registrant as Specified in Its Charter)
Delaware (State or Other Jurisdiction of Incorporation or Organization) |
4922 (Primary Standard Industrial Classification Code Number) |
75-2771546 (I.R.S. Employer Identification Number) |
100 Congress Avenue, Suite 450
Austin, Texas 78701
(512) 473-2662
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)
J. Gregory Holloway
Vice President, General Counsel and Secretary
100 Congress Avenue, Suite 450
Austin, Texas 78701
(512) 473-2662
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
Copies to: | ||
Sean T. Wheeler Keith Benson Latham & Watkins LLP 811 Main Street, Suite 3700 Houston, Texas 77002 (713) 546-5400 |
Mike Rosenwasser E. Ramey Layne Vinson & Elkins L.L.P. 666 Fifth Avenue New York, New York 10103 (212) 237-0000 |
Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. o
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o | Accelerated filer o | Non-accelerated filer ý (Do not check if a smaller reporting company) |
Smaller reporting company o |
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
This Amendment No. 11 is being filed for the purpose of filing Exhibit 5.1 to the Registration Statement (Commission File No. 333-174803). No changes or additions are being made hereby to the Prospectus constituting Part I of the Registration Statement (not included herein) or to Items 13, 14, 15 or 17 of Part II of the Registration Statement.
INFORMATION NOT REQUIRED IN THE PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
Set forth below are the expenses (other than underwriting discounts and commissions) expected to be incurred in connection with the issuance and distribution of the securities registered hereby. With the exception of the Securities and Exchange Commission registration fee, the FINRA filing fee and the New York Stock Exchange listing fee, the amounts set forth below are estimates.
SEC registration fee |
$ | 32,941 | ||
FINRA filing fee |
20,500 | |||
New York Stock Exchange listing fee |
150,000 | |||
Printing and engraving expenses |
750,000 | |||
Accounting fees and expenses |
850,000 | |||
Legal fees and expenses |
2,000,000 | |||
Transfer agent and registrar fees |
50,000 | |||
Miscellaneous |
546,559 | |||
Total |
$ | 4,400,000 | ||
Item 14. Indemnification of Directors and Officers.
The section of the prospectus entitled "The Partnership AgreementIndemnification" discloses that we will generally indemnify officers, directors and affiliates of our general partner to the fullest extent permitted by the law against all losses, claims, damages or similar events and is incorporated herein by this reference. Reference is also made to the underwriting agreement to be filed as an exhibit to this registration statement, which provides for the indemnification of USA Compression Partners, LP and our general partner, their officers and directors, and any person who controls USA Compression Partners, LP and our general partner, including indemnification for liabilities under the Securities Act. Subject to any terms, conditions or restrictions set forth in the partnership agreement, Section 17-108 of the Delaware Revised Uniform Limited Partnership Act empowers a Delaware limited partnership to indemnify and hold harmless any partner or other person from and against all claims and demands whatsoever. As of the consummation of this offering, the general partner of the registrant will maintain directors and officers liability insurance for the benefit of its directors and officers.
Item 15. Recent Sales of Unregistered Securities.
None.
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Item 16. Exhibits and Financial Statement Schedules.
(a) The following documents are filed as exhibits to this registration statement:
|
Exhibit Number |
Description | |||
---|---|---|---|---|---|
1.1 | Form of Underwriting Agreement | ||||
3.1 |
Certificate of Limited Partnership of USA Compression Partners, LP |
||||
3.2 |
Form of First Amended and Restated Agreement of Limited Partnership of USA Compression Partners, LP |
||||
3.3 |
Certificate of Formation of USA Compression GP, LLC |
||||
3.4 |
Second Amended and Restated Limited Liability Company Agreement of USA Compression GP, LLC |
||||
5.1 |
Opinion of Latham & Watkins LLP as to the legality of the securities being registered |
||||
8.1 |
Opinion of Latham & Watkins LLP relating to tax matters |
||||
10.1# |
Third Amended and Restated Credit Agreement |
||||
10.2 |
First Amendment to Third Amended and Restated Credit Agreement |
||||
10.3 |
Second Amendment to Third Amended and Restated Credit Agreement |
||||
10.4 |
Form of Long Term Incentive Plan of USA Compression Partners, LP |
||||
10.5 |
Employment Agreement, dated December 23, 2010, between USA Compression Partners, LLC and Eric D. Long |
||||
10.6 |
Employment Agreement, dated December 23, 2010, between USA Compression Partners, LLC and Joseph C. Tusa, Jr. |
||||
10.7 |
Employment Agreement, dated December 23, 2010, between USA Compression Partners, LLC and David A. Smith |
||||
10.8 |
Third Amendment to Third Amended and Restated Credit Agreement |
||||
10.9 |
Fourth Amended and Restated Credit Agreement |
||||
10.10 |
First Amendment to Fourth Amended and Restated Credit Agreement |
||||
10.11 |
Services Agreement, dated effective January 1, 2013, by and among USA Compression Partners, LP, USA Compression GP, LLC and USA Compression Management Services, LLC |
||||
21.1 |
List of subsidiaries of USA Compression Partners, LP |
||||
23.1 |
Consent of KPMG LLP |
||||
23.2 |
Consent of Latham & Watkins LLP (contained in Exhibit 5.1) |
||||
23.3 |
Consent of Latham & Watkins LLP (contained in Exhibit 8.1) |
||||
24.1 |
Powers of Attorney (included on the signature page) |
||||
99.1 |
Consent of Director Nominee, Robert F. End |
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(b) Financial Statement Schedules.
Financial statement schedules are omitted because they are not required or the required information is shown in our financial statements or notes thereto.
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
The undersigned registrant hereby undertakes that:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
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(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
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Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Austin, State of Texas, on January 11, 2013.
USA COMPRESSION PARTNERS, LP | ||||||
By: |
USA Compression GP, LLC, its General Partner |
|||||
By: |
/s/ J. GREGORY HOLLOWAY J. Gregory Holloway Vice President, General Counsel and Secretary |
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities indicated on January 11, 2013.
|
Signature
|
Title
|
||
---|---|---|---|---|
* Eric D. Long |
President and Chief Executive Officer (Principal Executive Officer) and Director | |||
* Joseph C. Tusa, Jr. |
Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) |
|||
* William H. Shea, Jr. |
Director |
|||
* Olivia C. Wassenaar |
Director |
|||
* Andrew W. Ward |
Director |
|||
* Robert F. End |
Director |
|||
* Jim H. Derryberry |
Director |
|||
*By: |
/s/ J. GREGORY HOLLOWAY J. Gregory Holloway Attorney-in-fact |
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INDEX TO EXHIBITS
|
Exhibit Number |
Description | |||
---|---|---|---|---|---|
1.1 | Form of Underwriting Agreement | ||||
3.1 |
Certificate of Limited Partnership of USA Compression Partners, LP |
||||
3.2 |
Form of First Amended and Restated Agreement of Limited Partnership of USA Compression Partners, LP |
||||
3.3 |
Certificate of Formation of USA Compression GP, LLC |
||||
3.4 |
Second Amended and Restated Limited Liability Company Agreement of USA Compression GP, LLC |
||||
5.1 |
Opinion of Latham & Watkins LLP as to the legality of the securities being registered |
||||
8.1 |
Opinion of Latham & Watkins LLP relating to tax matters |
||||
10.1# |
Third Amended and Restated Credit Agreement |
||||
10.2 |
First Amendment to Third Amended and Restated Credit Agreement |
||||
10.3 |
Second Amendment to Third Amended and Restated Credit Agreement |
||||
10.4 |
Form of Long Term Incentive Plan of USA Compression Partners, LP |
||||
10.5 |
Employment Agreement, dated December 23, 2010, between USA Compression Partners, LLC and Eric D. Long |
||||
10.6 |
Employment Agreement, dated December 23, 2010, between USA Compression Partners, LLC and Joseph C. Tusa, Jr. |
||||
10.7 |
Employment Agreement, dated December 23, 2010, between USA Compression Partners, LLC and David A. Smith |
||||
10.8 |
Third Amendment to Third Amended and Restated Credit Agreement |
||||
10.9 |
Fourth Amended and Restated Credit Agreement |
||||
10.10 |
First Amendment to Fourth Amended and Restated Credit Agreement |
||||
10.11 |
Services Agreement, dated effective January 1, 2013, by and among USA Compression Partners, LP, USA Compression GP, LLC and USA Compression Management Services, LLC |
||||
21.1 |
List of subsidiaries of USA Compression Partners, LP |
||||
23.1 |
Consent of KPMG LLP |
||||
23.2 |
Consent of Latham & Watkins LLP (contained in Exhibit 5.1) |
||||
23.3 |
Consent of Latham & Watkins LLP (contained in Exhibit 8.1) |
||||
24.1 |
Powers of Attorney (included on the signature page) |
||||
99.1 |
Consent of Director Nominee, Robert F. End |
[LATHAM & WATKINS LLP LETTERHEAD]
January 11, 2013
USA
Compression Partners, LP
100 Congress Avenue, Suite 450
Austin, Texas 78701
Re: Initial Public Offering of Common Units of USA Compression Partners, LP
Ladies and Gentlemen:
We have acted as special counsel to USA Compression Partners, LP, a Delaware limited partnership (the "Partnership"), in connection with the proposed issuance of up to 11,500,000 common units representing limited partner interests in the Partnership (the "Common Units"). The Common Units are included in a registration statement on Form S-1 under the Securities Act of 1933, as amended (the "Act"), filed with the Securities and Exchange Commission (the "Commission") on June 9, 2011 (Registration No. 333-174803), (as amended, the "Registration Statement"). The term "Common Units" shall include any additional common units registered by the Partnership pursuant to Rule 462(b) under the Act in connection with the offering contemplated by the Registration Statement. This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related Prospectus, other than as expressly stated herein with respect to the issue of the Common Units.
As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the general partner of the Partnership and others as to factual matters without having independently verified such factual matters. We are opining herein as to the Delaware Revised Uniform Limited Partnership Act (the "Delaware Act") and we express no opinion with respect to any other laws.
Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Common Units shall have been issued by the Partnership against payment therefor in the circumstances contemplated by the form of underwriting agreement most recently filed as an exhibit to the Registration Statement, the issue and sale of the Common Units will have been duly authorized by all necessary limited partnership action of the Partnership, and the Common Units will be validly issued and, under the Delaware Act, purchasers of the Common Units will have no obligation to make further payments for their purchase of Common Units or contributions to the Partnership solely by reason of their ownership of Common Units or their status as limited partners of the Partnership, and no personal liability for the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, solely by reason of being limited partners of the Partnership.
We call to your attention that limited partners that participate in the control of the business of the Partnership within the meaning of Section 17-303(a) of the Delaware Act may under certain circumstances have liability to persons who transact business with the Partnership.
This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Prospectus under the heading "Validity of the Common Units." We further consent to the incorporation by reference of this letter and consent into any registration statement filed pursuant to Rule 462(b) with respect to the Common Units. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.
Very truly yours,
/s/ Latham & Watkins LLP