Hess Midstream LP announced the pricing of its public offering of 10 million Class A shares representing limited partner interests, according to an Aug. 16 press release. (Source: Shutterstock.com)
Hess Midstream LP announced the pricing of its public offering of 10 million Class A shares representing limited partner interests, according to an Aug. 16 press release.
Hess announced the offering price at $28.80 per Class A share. Selling shareholder, Global Infrastructure Partners, has granted the underwriter a 30-day option to purchase up to 1.5 million additional Class A shares at the public offering price less underwriting discounts and commissions.
The gross proceeds from the sale of Class A shares by Global Infrastructure Partners is expected to be $288 million, exclusive of any proceeds that may be received in connection with the exercise of the underwriter's option to purchase additional shares. Hess will not receive any proceeds from the sale of Class A shares in the offering. The offering is expected to close on August 17, 2023, subject to customary closing conditions.
Goldman Sachs & Co. LLC is acting as the bookrunning manager of the offering.
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