Hanover Compressor Company Issues Call for Redemption of Remaining 7 1/4% Convertible Preferred and Common Securities
May 11 2007 - 11:31AM
Business Wire
Hanover Compressor Company (NYSE:HC) announced today the call for
redemption on May 30, 2007, of $8,121,050 aggregate principal
amount of the Convertible Junior Subordinated Debentures Due 2029
(the �Debentures�) which represents the remaining outstanding
principal amount. 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 $7,873,500
aggregate liquidation amount of its 7 �% Convertible Preferred
Securities (CUSIP NO. 41076M3 02) and $247,550 aggregate
liquidation amount of its 7 �% Convertible Common Securities.
Hanover Compressor Company owns all of the Common Securities of the
Trust. Prior to 5:00 p.m., Eastern Time, on May 29, 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 30, 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 30, 2007. Any of
the Preferred Securities called for redemption and not converted on
or before 5:00 p.m., Eastern Time, on May 29, 2007, will be
automatically redeemed on May 30, 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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