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USA Compression Partners falls in market debut

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[January 16, 2013]  NEW YORK (AP) -- USA Compression Partners LP is falling in its market debut on the New York Stock Exchange after raising $198 million in its initial public offering of stock.

The company, which compresses natural gas and serves the energy industry, priced 11 million units at $18 each in the first IPO of 2013.

The Austin, Texas, company plans to use proceeds to repay debt.

The banks managing the deal may buy another 1.7 million units at the IPO price.

The units are down 50 cents, or 2.8 percent, to $17.50 in afternoon trading. They have ranged from $17.40 to $17.93 in their Tuesday debut.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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