Hess Prices Concurrent Offerings At $39/Common Stock, $50/Depositary Share

(RTTNews) - Hess Corp. (HES) Friday announced that it has priced its previously announced concurrent underwritten public offerings of 25 million shares of its common stock at a price of $39.00 per share. The company also priced 10 million depositary shares at a price of $50 per depositary share.

The net proceeds from the common stock offering and the depositary shares offering will be approximately $945.8 million and $485.3 million, respectively.

Hess plans to use the net proceeds to strengthen its balance sheet and for general corporate purposes. The concurrent offerings are expected to close on February 10, subject to customary closing conditions.

Each depositary share represents a 1/20th interest in a share of its 8.00% Series A Mandatory Convertible Preferred Stock, $1.00 par value per share, with a liquidation preference of $1,000 per share of Convertible Preferred Stock, equivalent to $50 per depositary share.

In addition, the underwriters in each respective offering have been granted a 30-day option to purchase up to 3.75 million additional shares of common stock and up to 1.5 million additional depositary shares.

Goldman, Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as book-running managers for the concurrent offerings.