Hanover Compressor Company Issues Call for Partial Redemption of 7 1/4% Convertible Preferred and Common Securities
April 12 2007 - 10:59AM
Business Wire
Hanover Compressor Company (NYSE:HC) announced today the call for
redemption on May 8, 2007, of $29,897,000 aggregate principal
amount of the Convertible Junior Subordinated Debentures Due 2029
(the �Debentures�). All of the Debentures are owned by Hanover
Compressor Capital Trust (the �Trust�) and the Trust is required to
use the proceeds received from such redemption to redeem
$29,000,000 aggregate liquidation amount of its 7 �% Convertible
Preferred Securities (CUSIP NO. 41076M3 02) and $897,000 aggregate
liquidation amount of its 7 �% Convertible Common Securities.
Hanover Compressor Company owns all of the Common Securities of the
Trust. The Preferred Securities to be redeemed will be selected in
accordance with the applicable procedures of The Depository Trust
Company for partial redemptions. Prior to 5:00 p.m., Eastern Time,
on May 7, 2007, holders may convert their Preferred Securities
called for redemption on the basis of one Preferred Security per
$50 principal amount of Debentures which will then be immediately
converted into shares of Hanover Compressor Company common stock at
a price of $17.875 per share, or 2.7972 shares of Hanover
Compressor Company common stock per $50 principal amount. Cash will
be paid in lieu of fractional shares. Alternatively, holders may
have their Preferred Securities that have been called for
redemption, redeemed on May 8, 2007. Upon redemption, holders will
receive $50 for each of their Preferred Securities, plus accrued
and unpaid distributions thereon from March 15, 2006 up to but not
including May 8, 2007. Any of the Preferred Securities called for
redemption and not converted on or before 5:00 p.m., Eastern Time,
on May 7, 2007, will be automatically redeemed on May 8, 2007 and
no further distributions will accrue. Holders of the Preferred
Securities should complete the appropriate instruction form for
redemption or conversion, as applicable, pursuant to The Depository
Trust Company's book-entry system and follow such other directions
as instructed by The Depository Trust Company. 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 (www.hanover-co.com).
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