Hess Corp. (HES) opened separate public offerings of 25 million common shares and 10 million depositary shares, each of which represents a one-twentieth interest in a share of Series A convertible preferred stock, the company said Feb. 4.
Each offer’s underwriters will have a monthlong option to purchase about 3.7 million additional common shares and 1.5 million additional depositary shares. Net proceeds will strengthen the balance sheet and support general corporate purposes including long-term capital and the cost of capped-call transactions.
Goldman Sachs & Co. is book-running manager.
Each share of the Series A stock will automatically convert into a variable number of shares on Feb. 1, 2019.
Hess Corp. is based in New York.
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