Hanover Compressor Company Announces Redemption of 7 1/4% Convertible Preferred and Common Securities
January 08 2007 - 6:59PM
Business Wire
Hanover Compressor Company (NYSE:HC) announced today completion of
the partial redemption of $20,871,000 aggregate principal amount of
Convertible Junior Subordinated Debentures Due 2029 (the
�Debentures�). All of the Debentures are owned by Hanover
Compressor Capital Trust (the �Trust�) and the Trust was required
to use the proceeds received from such redemption to redeem
$20,245,000 aggregate liquidation amount of its 7 �% Convertible
Preferred Securities (CUSIP NO. 41076M302) ("TIDES Preferred
Securities")�and $626,000 aggregate liquidation amount of its 7�%
Convertible Common Securities. Hanover Compressor Company owns all
of the Common Securities of the Trust.�The Debentures were called
on December 15, 2006 for redemption on Thursday, January 4, 2007.
Of the $20,245,000 of TIDES Preferred Securities called,
$20,052,700 was converted into 1,121,800 shares of Hanover Common
Stock. Hanover expects its related annual interest expense�to be
reduced by approximately $1.5 million. About Hanover Compressor
Company Hanover Compressor Company (NYSE:HC) is a global market
leader in full service natural gas compression 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. Founded
in 1990 and a public company since 1997, Hanover's customers
include both major and independent oil and gas producers and
distributors as well as national oil and gas companies. More
information can be found on the Internet at www.hanover-co.com.
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, 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,
refinancing existing or incurring additional indebtedness to fund
our business, and executing our exit and sale strategy with respect
to assets classified on our balance sheet as assets held for sale;
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 the Company's periodic
reports filed with the Securities and Exchange Commission.
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