UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 30, 2007
HANOVER COMPRESSOR COMPANY
(Exact Name of Registrant as Specified in Its Charter)
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Delaware
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001-13071
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76-0625124 |
(State or Other Jurisdiction of
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(Commission
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(I.R.S. Employer |
Incorporation or Organization)
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File Number)
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Identification No.) |
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12001 North Houston Rosslyn
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77086 |
Houston, Texas
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(Zip Code) |
(Address of Principal Executive Offices) |
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Registrants Telephone Number, including Area Code: (281)447-8787
Not Applicable.
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
TABLE OF CONTENTS
Item 3.02. Unregistered Sales of Equity Securities
On various
dates from May 8, 2007 through May 30, 2007, holders of 71/4%
Convertible Preferred Securities due 2029 (TIDES Preferred Securities) of Hanover Compressor
Capital Trust (the Trust) converted $7,857,150 in aggregate principal amount of TIDES Preferred
Securities into 439,532 shares of common stock of Hanover Compressor Company (the Company) as a
result of the Companys call for redemption of $8,121,050 aggregate principal amount of the
Convertible Junior Subordinated Debentures Due 2029 (the Debentures). All of the Debentures are
owned by the Trust and the Trust is required to use the proceeds received from such redemption to
redeem a corresponding amount of the TIDES Preferred Securities and
the Trusts 7 1/4% Convertible Common Securities (TIDES Common Securities). The Company owns all of
the TIDES Common Securities. No TIDES Common Securities have been converted to date. Set forth
below is a chart which shows all conversions of TIDES Preferred Securities since May 8, 2007.
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Principal Amount |
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Number of |
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of TIDES |
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Shares of |
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Preferred Securities |
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Common Stock |
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Date of Conversion |
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Converted |
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Issued |
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5/08/07 |
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$ |
5,250 |
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293 |
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5/14/07 |
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474,450 |
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26,540 |
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5/15/07 |
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1,520,250 |
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85,047 |
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5/16/07 |
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104,850 |
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5,865 |
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5/17/07 |
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512,750 |
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28,681 |
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5/18/07 |
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5,850 |
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327 |
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5/22/07 |
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201,450 |
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11,266 |
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5/23/07 |
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59,850 |
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3,347 |
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5/24/07 |
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955,900 |
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53,476 |
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5/25/07 |
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1,521,750 |
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85,131 |
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5/29/07 |
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2,490,900 |
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139,341 |
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5/30/07 |
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9,150 |
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511 |
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Total |
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$ |
7,862,400 |
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439,825 |
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Of the $7,873,500 aggregate principal amount of TIDES Preferred Securities called for
redemption by the Trust on May 10, 2007, $7,857,150 was converted into 439,532 shares of Hanover
Common Stock. The Company previously reported that the Trust made partial calls for redemption of
the TIDES Preferred Securities and TIDES Common Securities on the basis of one TIDES Preferred or
Common Security per $50 principal amount of Debentures which at the election of the holder thereof
could be immediately converted into shares of common stock of the Company at a conversion price of
approximately $17.875 per share, or 2.7972 shares of common stock of the Company per $50 principal
amount. The Company has fully and unconditionally guaranteed the obligations of the Trust to the
holders of the TIDES Preferred Securities and the TIDES Common Securities. With the completion of
this most recent call, all TIDES Preferred Securities and TIDES Common Securities, as well as the
underlying Debentures, have been fully redeemed or converted into Hanover common stock.
The shares of common stock were issued solely to holders of the TIDES Preferred Securities upon
conversion of the TIDES Preferred Securities pursuant to the exemption from registration provided
under Section3(a)(9) of the Securities Act of 1933, as amended, which is available since the shares
of common stock were exchanged by the Company with its existing security holders exclusively where
no commission or other remunerations was paid or given directly or indirectly for soliciting such
an exchange.