By Andrea Heisinger
New York, Aug. 5 - Hess Corp. sold $1.25 billion of 5.6% senior unsecured notes due 2041 on Thursday to yield Treasuries plus 160 basis points, a syndicate source away from the sale said.
The notes (Baa2/BBB/BBB) priced at 99.304 to yield 5.648%. They are callable at a make-whole amount of Treasuries plus 25 bps.
Bookrunners were Goldman Sachs & Co., J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc. Deutsche Bank Securities Inc. and RBS Securities Inc. were passive bookrunners.
Proceeds will be used to finance the acquisition of the Valhall and Hod Fields in Norway in a deal that is expected to close in the third quarter. Any excess proceeds will be used for general corporate purposes and working capital.
The global energy company is based in New York City.
| Issuer: | Hess Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $1.25 billion
|
| Maturity: | Feb. 15, 2041
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. (active), Deutsche Bank Securities Inc., RBS Securities Inc. (passive)
|
| Coupon: | 5.6%
|
| Price: | 99.304
|
| Yield: | 5.648%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | Aug. 5
|
| Settlement date: | Aug. 10
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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