Hanover Compressor closes on $450 million revolver

New York, Nov. 21 - Hanover Compressor Co. said it completed a $450 million five-year senior secured revolving credit facility.

The new loan replaces the company's previous $350 million bank facility that was due to mature in December 2006.

JPMorgan Securities Inc. and RBS Securities Corp. are joint lead arrangers, JPMorgan Chase Bank, NA is administrative agent and Royal Bank of Scotland plc is syndication agent.

"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, in a news release.

Hanover Compressor is a Houston-based supplier of natural gas compression and service, fabrication and equipment for oil and natural gas processing and transportation.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.