Hanover merger to result in change of control under 2001A, 2001B equipment lease notes

By Jennifer Chiou

New York, Aug. 1 - Hanover Compressor Co.'s proposed merger among it, Universal Compression Holdings, Inc., Exterran Holdings, Inc. (formerly Iliad Holdings, Inc.) and Exterran's subsidiaries will constitute a change of control under its 2001A and 2001B equipment lease notes, according to a 10-Q filing with the Securities and Exchange Commission.

As a result, the company will make an offer to purchase the notes at 101% of par and minority interest obligations, plus accrued interest to the purchase date.

The Houston-based natural gas compression company said that combined there were $383 million of the notes outstanding along with $11.9 million of related minority interest obligations as of June 30.

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