Long-Term Debt

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements [Abstract]

NOTE D - LONG-TERM DEBT AND OTHER BORROWINGS

Long-term debt consists of the following:

		June 30, 2011		December 31, 2010
		(In Thousands)
	Scheduled Maturity
Bank revolving line of credit facility	June 26, 2015	$	-	$	-
5.90% Senior Notes, Series 2006-A	April 30, 2016		90,000		90,000
6.30% Senior Notes, Series 2008-A	April 30, 2013		35,000		35,000
6.56% Senior Notes, Series 2008-B	April 30, 2015		90,000		90,000
5.09% Senior Notes, Series 2010-A	December 15, 2017		65,000		65,000
5.67% Senior Notes, Series 2010-B	December 15, 2020		25,000		25,000
Partnership line of credit facility	June 24, 2015		-		-
European bank credit facility			-		-
Other			35		35
Total long-term debt			305,035		305,035
Less current portion			-		-
Long-term debt, net		$	305,035	$	305,035

On June 24, 2011, Compressco Partners entered into a new $20.0 million revolving credit facility agreement (the Partnership Credit Agreement) with JPMorgan Chase Bank, N.A. Under the Partnership Credit Agreement, Compressco Partners, along with certain of its subsidiaries, are named as borrowers, and all obligations under the revolving credit facility are guaranteed by all of Compressco Partners' existing and future, direct and indirect, domestic subsidiaries. All obligations under the Partnership Credit Agreement are secured, subject to certain exceptions, by a first lien security interest in substantially all of Compressco Partners' and its subsidiaries' assets (excluding real property) and all of the capital stock of the existing and future subsidiaries of Compressco Partners (with some limitations). The Partnership Credit Agreement includes borrowing capacity of $20.0 million, less $3.0 million that is required to be set aside as a reserve that cannot be borrowed. The facility is available for letters of credit (at a sublimit of $5.0 million) and includes a $20.0 million uncommitted expansion feature. The Partnership Credit Agreement will be used to fund Compressco Partners' working capital needs, letters of credit, and for general partnership purposes, including capital expenditures and potential future expansions or acquisitions. So long as it is not in default, Compressco Partners may use its credit facility to fund its quarterly distributions at the option of the board of directors of the General Partner. Borrowings under the Partnership Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default. As of June 30, 2011, there is no balance outstanding under the Partnership Credit Agreement.