HOUSTON--(BUSINESS WIRE)--Aug. 9, 2005--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 the pricing of a public
offering of 11,438,596 shares of its common stock at a public offering
price of $14.25 per share. Hanover expects the issuance and delivery
of the shares to occur on August 15, 2005. Hanover also granted the
underwriters an option to purchase an additional 1,715,789 shares of
common stock to cover over-allotments, if any.
Credit Suisse First Boston LLC and J.P. Morgan Securities Inc.
acted as joint book-running managers for the offering. When available,
copies of the prospectus supplement relating to the offering may be
obtained from the office of Credit Suisse First Boston LLC, Prospectus
Department, One Madison Avenue, New York, NY 10010 (telephone:
212-325-2580 or by faxing requests to 212-325-8057) and from the
office of J.P. Morgan Securities Inc., Chase Distribution & Support
Service, 1 Chase Manhattan Plaza, Floor 5B, New York, NY 10081 (copies
can also be obtained by e-mail at Addressing.Services@jpmchase.com).
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described above.
An offering of any such securities will be made only by means of a
prospectus. Any such prospectus shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any sale of
any such securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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; 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.
CONTACT: Hanover Compressor Company, Houston
Media Relations:
Richard Goins, 832-554-4918
rbgoins@hanover-co.com
or
Investor Relations:
Stephen York, 832-554-4856
syork@hanover-co.com
www.hanover-co.com
SOURCE: Hanover Compressor Company