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- 7.875% Notes due 2029;
- 7.300% Notes due 2031; and
- 7.125% Notes due 2033.
The Maximum Tender Offer was made pursuant to the terms and conditions
set forth in the offer to purchase dated
As of
Security (CUSIP No.) |
Initial Principal Amount |
Acceptance Priority Level |
U.S. Treasury Reference Security |
Reference Yield |
Fixed Spread |
Repurchase Yield |
Principal Amount Tendered |
Principal Amount Accepted |
Early Tender Payment (b)(c) |
Total Consideration (b)(c) |
|||||||||||
7.875% Notes due October 1, 2029 (023551AF1) |
$700,000,000 | 1 |
1.50% UST due 08/15/2026 |
1.619% | +360 bps | 5.219% | $196,004,000 | $196,004,000 | $30 | $1,248.32 | |||||||||||
7.300% Notes due August 15, 2031 (023551AJ3) |
$750,000,000 | 2 |
1.50% UST due 08/15/2026 |
1.619% | +365 bps | 5.269% | $185,455,000 | $65,703,000 | $30 | $1,207.44 | |||||||||||
7.125% Notes due March 15, 2033 (023551AM6) |
$600,000,000 | 3 |
2.50% UST due 05/15/2046 |
2.329% | +327 bps | 5.599% | $117,498,000 | --(a) | $30 | $1,162.60 |
___________________________________ |
||||
(a) | Notes from such series will not be accepted for purchase by Hess. | |||
(b) | Per $1,000 principal amount. | |||
(c) | The Total Consideration for Notes validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable Fixed Spread (as defined below) and is inclusive of the Early Tender Payment (as defined below). | |||
The 7.300% Notes due 2031 have an approximate proration factor of
35.50%. In addition to the applicable total consideration specified in
the table above (the “Total Consideration”) for each
The Maximum Tender Offer will expire at
The withdrawal deadline for the Maximum Tender Offer was
Hess plans to fund the Maximum Tender Offer with part of the proceeds
from the sale of its 4.30% Notes due 2027 and its 5.80% Notes due 2047,
which was completed on
For additional information regarding the terms of the Maximum Tender
Offer, please contact the lead dealer managers:
The obligation of Hess to accept any Notes tendered and to pay the consideration for Notes is subject to satisfaction or waiver of certain conditions and other terms set forth solely in the Offer to Purchase.
This news release shall not be construed as an offer to purchase or sell or a solicitation of an offer to purchase or sell any of the Notes or any other securities. Hess, subject to applicable law, may amend, extend or terminate the Maximum Tender Offer and may postpone the acceptance for purchase of, and payment for, the Notes so tendered. The Maximum Tender Offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. None of Hess, the dealer managers, the information agent or the depositary makes any recommendations as to whether holders of the Notes should tender their Notes pursuant to the Maximum Tender Offer.
Cautionary Statements
This news release contains statements about future events and expectations, or forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These projections and statements reflect Hess’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors, including those described in and incorporated by reference into the Offer to Purchase. Hess undertakes no obligation to update the information contained in this news release to reflect subsequently occurring events or circumstances.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161003006594/en/
Source:
For Hess Corporation
Investors:
Jay Wilson, 212-536-8940
or
Media:
Sard
Verbinnen & Co
Michael Henson/Patrick Scanlan, 212-687-8080