Hess Midstream LP (NYSE: HESM) has announced the commencement of an underwritten public offering of 10,000,000 Class A shares by an affiliate of Global Infrastructure Partners. The offering includes a 30-day option for underwriters to purchase up to 1,500,000 additional Class A shares. The company will not receive any proceeds from the sale of Class A shares in the offering.
Citigroup is acting as the bookrunning manager of the offering, and the underwriter intends to offer the Class A shares from time to time for sale on the New York Stock Exchange, in the over-the-counter market, or through negotiated transactions at market prices or at negotiated prices.
The Class A shares are being offered and sold pursuant to an effective shelf registration statement previously filed with the SEC. The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Hess Midstream LP 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. The company owns oil, gas, and produced water handling assets primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota.
No further details about the financial metrics or changes in comparison to the previous period were provided in the press release. The market has reacted to these announcements by moving the company's shares -0.3% to a price of $35.57. If you want to know more, read the company's complete 8-K report here.
