Hanover Compressor Company Announces Close of Public Offering of Senior Notes
March 31 2006 - 2:41PM
Business Wire
Hanover Compressor Company (NYSE:HC), a global market leader in the
full service natural gas compression business and a leading
provider of service, fabrication and equipment for oil and natural
gas production, processing and transportation applications,
announced today the completion of its public offering of $150
million aggregate principal amount of 7 1/2% Senior Notes due 2013.
Hanover used the net proceeds from the offering, together with
borrowings under its bank credit facility, to redeem its Zero
Coupon Subordinated Notes due March 31, 2007. The offering and sale
of the Senior Notes was pursuant to an automatic shelf registration
statement on Form S-3 filed with the Securities and Exchange
Commission. J.P. Morgan Securities Inc. and Credit Suisse
Securities (USA) LLC acted as joint book-running managers for the
offering of the Senior Notes. Copies of the prospectus relating to
the offering of the Senior Notes may be obtained by contacting J.P.
Morgan Securities Inc., at 270 Park Avenue, 8th Floor, New York,
New York 10017, Attention: Syndicate Desk (telephone:
1-800-245-8812). This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described above. An offering of any such securities will be made
only by means of a prospectus. Any such prospectus shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. About Hanover
Compressor Company Hanover Compressor Company (NYSE:HC) is a global
market leader in the full service natural gas compression business
and a leading provider of service, fabrication and equipment for
oil and natural gas production, processing and transportation
applications. Hanover sells and rents this equipment and provides
complete operation and maintenance services, including run-time
guarantees, for both customer-owned equipment and its fleet of
rental equipment. Forward-looking Statements Certain matters
discussed in this presentation are "forward-looking statements"
intended to qualify for the safe harbors established by the Private
Securities Litigation Reform Act of 1995 and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements can generally be identified as such because of the
context of the statement or because the statement includes words
such as "believes," "anticipates," "expects," "estimates," or words
of similar import. Similarly, statements that describe Hanover's
future plans, objectives or goals or future revenues or other
financial measures are also forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties
that could cause our actual results to differ materially from those
anticipated as of the date the statements were made. These risks
and uncertainties include, but are not limited to: our inability to
renew our short-term leases of equipment with our customers so as
to fully recoup our cost of the equipment; a prolonged substantial
reduction in oil and natural gas prices, which could cause a
decline in the demand for our compression and oil and natural gas
production and processing equipment; reduced profit margins or the
loss of market share resulting from competition or the introduction
of competing technologies by other companies; changes in economic
or political conditions in the countries in which we do business,
including civil uprisings, riots, terrorism, kidnapping, the taking
of property without fair compensation and legislative changes;
changes in currency exchange rates; the inherent risks associated
with our operations, such as equipment defects, malfunctions and
natural disasters; governmental safety, health, environmental and
other regulations, which could require us to make significant
expenditures; our inability to implement certain business
objectives, such as international expansion (including our ability
to timely and cost-effectively execute projects in new
international operating environments), integrating acquired
businesses, generating sufficient cash, accessing capital markets
and refinancing existing or incurring additional indebtedness to
fund our business; risks associated with any significant failure or
malfunction of our enterprise resource planning system, and our
inability to comply with covenants in our debt agreements and the
decreased financial flexibility associated with our substantial
debt. A discussion of these and other factors is included in
Hanover's periodic reports filed with the Securities and Exchange
Commission.
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