Hanover Compressor Company Announces Receipt of the Requisite Consents in Connection with Its Tender Offers and Consent Solicita

  
    
  
  
    
      Hanover Compressor Company (the “Company”) 
      today announced that, in connection with its previously announced tender 
      offers and consent solicitations for $550 million of its outstanding 
      senior notes (as described in the table below and, collectively, the “Notes”), 
      it has received the requisite consents to amend the indentures governing 
      the Notes. As of 5:00 p.m., New York City time, on August 1, 2007 (the “Consent 
      Payment Deadline”), the Company had received 
      tenders and consents as displayed in the table below.
    
    
      
        
          Title of Security
        
        
           
        
        
          
            CUSIP
          
          
            Number
          
        
        
           
        
        
          Principal Amount Outstanding
        
        
           
        
        
          
            Principal Amount
          
          
            Tendered and With
          
          
            Respect to Which
          
          
            Consents Were
          
          
            Delivered
          
        
        
           
        
        
          
            % Tendered and
          
          
            With Respect to
          
          
            Which Consents
          
          
            Were Delivered
          
        
      
      
        
          8.625% Senior Notes due 2010
        
        
           
        
        
          410768AF2
        
        
           
        
        
          $200,000,000
        
        
           
        
        
          $199,815,000
        
        
           
        
        
          99.91
        
        
          %
        
      
      
        
          9.0% Senior Notes due 2014
        
        
           
        
        
          410768AG0
        
        
           
        
        
          $200,000,000
        
        
           
        
        
          $200,000,000
        
        
           
        
        
          100
        
        
          %
        
      
      
        
          7.5% Senior Notes due 2013
        
        
           
        
        
          410768AH8
        
        
           
        
        
          $150,000,000
        
        
           
        
        
          $150,000,000
        
        
           
        
        
          100
        
        
          %
        
      
    
    
      The supplemental indentures effecting the proposed amendments have been 
      executed and have become effective, and the amendments to the indentures 
      will become operative upon the acceptance for purchase of the Notes by 
      the Company. The amendments to the indentures eliminate substantially 
      all of the restrictive covenants and eliminate or modify certain events 
      of default in the indentures governing the Notes, as described in the 
      Offer to Purchase and Consent Solicitation Statement dated as of July 
      19, 2007 (“the Offer to Purchase”). 
      Withdrawal rights with respect to tendered Notes have expired. 
      Accordingly, Notes tendered may no longer be withdrawn and consents 
      delivered may no longer be revoked.
    
    
      Each holder who validly tenders its Notes and delivers consents at or 
      after the Consent Payment Deadline will not be entitled to receive the 
      consent payment of $30 for each $1,000 principal amount of Notes 
      tendered by such holder and accepted for purchase pursuant to a tender 
      offer.
    
    
      The tender offers and consent solicitations will expire at 5:00 p.m., 
      New York City time, on August 17, 2007, unless extended or earlier 
      terminated by the Company. The Company reserves the right to terminate, 
      withdraw or amend the tender offers and consent solicitations at any 
      time subject to applicable law.
    
    
      Wachovia Securities has been retained to act as exclusive dealer manager 
      in connection with the tender offers and consent solicitations. 
      Questions about the tender offers and consent solicitations may be 
      directed to Wachovia Securities at 866-309-6316 (toll free) or 
      704-715-8341 (collect). Copies of the tender offer documents and other 
      related documents may be obtained from D.F. King & Co., Inc., the 
      information agent for the tender offers and consent solicitations, at 
      800-859-8508 (toll free) or 212-269-5550 (collect).
    
    
      The tender offers and consent solicitations are being made solely by 
      means of the tender offer documents. Under no circumstances shall this 
      press release constitute an offer to purchase or the solicitation of an 
      offer to sell the Notes or any other securities of the Company or any 
      other person, nor shall there be any offer or sale of any Notes or other 
      securities in any state or jurisdiction in which such an offer, 
      solicitation or sale would be unlawful prior to registration or 
      qualification under the securities laws of any such jurisdiction. This 
      press release also is not a solicitation of consents to the proposed 
      amendments to the indentures and the Notes. No recommendation is made as 
      to whether holders of the Notes should tender their Notes or give their 
      consent.
    
    
      About Hanover Compressor Company
    
    
      Hanover Compressor Company 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.
    
    
      Additional Information
    
    
      In connection with the proposed merger of Universal Compression Holdings 
      and Hanover Compressor Company, a registration statement of the new 
      company, Exterran Holdings, Inc. (formerly Iliad Holdings, Inc.), which 
      includes definitive proxy statements of Universal and Hanover, a 
      prospectus of Exterran and other materials, has been filed with the SEC. 
      INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE 
      DEFINITIVE PROXY STATEMENT/PROSPECTUS BECAUSE IT CONTAINS IMPORTANT 
      INFORMATION ABOUT UNIVERSAL, HANOVER, EXTERRAN AND THE PROPOSED 
      TRANSACTION. Investors and security holders may obtain a free copy of 
      the definitive proxy statement/prospectus without charge, at the SEC’s 
      web site at www.sec.gov, Universal’s 
      web site at www.universalcompression.com, 
      and Hanover’s web site at www.hanover-co.com. 
      Copies of the definitive proxy statement/prospectus and the SEC filings 
      that are incorporated by reference therein may also be obtained for free 
      by directing a request to either Investor Relations, Universal 
      Compression Holdings, Inc., 713-335-7000 or to Investor Relations, 
      Hanover Compressor Company, 832-554-4856.
    
    
      Participants in Solicitation
    
    
      Universal Compression Holdings and Hanover Compressor Company and their 
      respective directors, officers and certain other members of management 
      may be deemed to be participants in the solicitation of proxies from 
      their respective stockholders in respect of the merger. Information 
      about these persons can be found in the definitive proxy 
      statement/prospectus that has been filed with the SEC in connection with 
      the proposed transaction.