Hanover Compressor to price $200 million seven-year notes in Tuesday drive-by

By Paul A. Harris

St. Louis, Dec. 8 - Hanover Compressor Co. plans to price $200 million of senior notes due 2010 (B3/B) on Tuesday, according to a syndicate source.

No price talk was available when Prospect News went to press on Monday.

JP Morgan and Citigroup are joint bookrunners on the registered deal. Banc One Capital Markets, Credit Lyonnais Securities, Royal Bank of Scotland, Scotia Capital, Wachovia Securities, Wells Fargo Securities and ABN AMRO are co-managers.

The notes will contain a make-whole call for first four years, then will be callable at a premium. They will also contain a three-year 35% equity clawback.

Hanover Compressor will use proceeds along with available cash to repay its 1999A equipment lease notes due June 2004.

The prospective issuer is a Houston-based natural gas compression and treating services company.

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