Hanover Comp (NYSE:HC)
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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 ¼%
Convertible Preferred Securities (CUSIP NO. 41076M302) ("TIDES Preferred
Securities") and $626,000 aggregate liquidation amount of its 7¼%
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.