By Andrea Heisinger
New York, Dec. 9 - Hess Corp. sold $750 million of 6% 30-year senior unsecured notes on Wednesday to yield Treasuries plus 165 basis points, an informed source said.
The notes (Baa2/BBB-/) priced at 99.234 to yield 6.055%. There is a make-whole call at Treasuries plus 25 bps.
Bookrunners were Goldman Sachs & Co., J.P. Morgan Securities Inc. and Morgan Stanley & Co.
Proceeds will be used to purchase its 6.65% notes due 2011 that were tendered for a purchase offer. They will also be used for working capital and general corporate purposes.
The energy company is based in New York City.
| Issuer: | Hess Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 15, 2040
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co.
|
| Coupon: | 6%
|
| Price: | 99.234
|
| Yield: | 6.055%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | Dec. 9
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
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