CPLP - TETRA Technologies offloads interests in CSI Compressco LP for $30.7M and provides Q4 outlook

TETRA Technologies (TTI) +8.33% premarket, to sell 674,587 GP units and IDRs plus 10.95M of its 16.19M common units in CSI Compressco (CPLP) for $13.95M to Spartan Energy Partners, of which $13.4M will be paid at closing on January 29 and $547,624 will be paid in cash on the six-month anniversary of closing.The company also received cash proceeds of $14.2M from the sale to Spartan of 15 large compressors and $2.5M from CCLP for the settlement of outstanding intercompany balances.The transactions are expected to be completed on January 29.The company expects Q4 revenue in the range of $74.4M-$76.4M, not comparable to consensus of $149.85M and adjusted EBITDA of $10.1M-$12M.Q4 results to be out on February 25.

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TETRA Technologies offloads interests in CSI Compressco LP for $30.7M and provides Q4 outlook