Hanover Compressor Company Announces Close of $450 Million Credit Facility
22 November 2005 - 9:30AM
Business Wire
Hanover Compressor Company (NYSE:HC), 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, announced
today that it has closed a five-year, $450 million senior secured
revolving credit facility with a syndicate of lenders and financial
institutions. This facility replaces the company's $350 million
bank credit facility that was due to mature in December 2006. "In
addition to providing Hanover the ability to pursue attractive
growth opportunities, the new revolving line of credit gives
Hanover the ability to reduce its financing costs and has extended
its credit facility maturity date," said Lee Beckelman, Vice
President and Chief Financial Officer. The new credit facility was
closed with JPMorgan Securities Inc., and RBS Securities
Corporation, as Co-Lead Arrangers; JPMorgan Chase Bank, N.A., as
Administrative Agent; and The Royal Bank of Scotland plc as
Syndication Agent. 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 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). 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 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 including
our ability to timely and cost-effectively execute projects in new
international operating environments; our inability to implement
certain business objectives such as international expansion,
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.
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