Hess tenders for any and all $662.12 million 6.65% notes due 2011

By Jennifer Chiou

New York, Dec. 9 - Hess Corp. announced the start of a cash tender offer for any and all of its $662.12 million of 6.65% notes due Aug. 15, 2011.

The offer is set to end at 5 p.m. ET on Dec. 16.

For each $1,000 principal amount of notes, the company said it will calculate the payout using a fixed spread of 25 basis points over the bid-side yield to maturity of the 5% Treasury due Aug. 15, 2011.

The company said it will also pay accrued interest.

While there is no minimum tender condition, there is a financing condition.

Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-4692), J.P. Morgan Securities Inc. (866 834-4666 or call collect 212 834-4802) and Morgan Stanley & Co. Inc. (800 624-1808 or call collect 212 761-5384) are the dealer managers. Global Bondholder Services Corp. (866 470-4300 or call collect 212 430-3774) is the information agent.

Based in New York, the integrated energy company is engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas.

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