Hanover Comp (NYSE:HC)
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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 ¼%
Convertible Preferred Securities (CUSIP NO. 41076M3 02) and $247,550
aggregate liquidation amount of its 7 ¼%
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).