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Hess Midstream Operations LP, a subsidiary of Hess Midstream LP, has priced $600 million senior unsecured notes due 2029 in a private offering, an increase from the initially announced $500 million. The proceeds will be used to reduce debt and for general corporate purposes. The offering is expected to close on May 16, 2024.
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HOUSTON--(BUSINESS WIRE)--
Hess Midstream Operations LP (the “Issuer”), a consolidated subsidiary of Hess Midstream LP (NYSE: HESM) (“HESM” and, together with the Issuer, “Hess Midstream”), today announced that it has priced $600 million aggregate principal amount of 6.500% senior unsecured notes due 2029 (the “Notes”) at par in a private offering. The aggregate principal amount of the offering was increased from the previously announced offering size of $500 million. Hess Midstream intends to use the net proceeds from the offering to reduce indebtedness outstanding under its revolving credit facility and any remaining net proceeds for general corporate purposes. The private offering of the Notes is expected to close on May 16, 2024, subject to the satisfaction of customary closing conditions.
The Notes are being sold only to persons reasonably believed to be “qualified institutional buyers” in the United States pursuant to Rule 144A and outside the United States to non-U.S. Persons in compliance with Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
About Hess Midstream LP
HESM is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess Corporation and third-party customers. HESM owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. You should keep in mind the risk factors and other cautionary statements in the filings made by HESM with the U.S. Securities and Exchange Commission, which are available to the public. HESM undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
What is the principal amount of the senior unsecured notes offered by Hess Midstream Operations LP?
Hess Midstream Operations LP priced $600 million aggregate principal amount of senior unsecured notes due 2029.
When is the private offering of the notes expected to close?
The private offering of the Notes is expected to close on May 16, 2024.
What will Hess Midstream use the net proceeds from the offering for?
Hess Midstream intends to use the net proceeds from the offering to reduce indebtedness outstanding under its revolving credit facility and any remaining net proceeds for general corporate purposes.
Under what conditions are the Notes being sold?
The Notes are being sold only to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States to non-U.S. Persons in compliance with Regulation S under the Securities Act of 1933, as amended.
Are the Notes registered under the Securities Act?
The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
