Hess Midstream to price $750 million 8.5-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., Aug. 2 – Hess Midstream Operations LP plans to price a $750 million offering of senior notes due 2030 in a Monday drive-by trailing a conference call with investors, according to a syndicate source.

Goldman Sachs & Co. LLC is the left bookrunner. J.P. Morgan Securities LLC is a joint active bookrunner. Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, MUFG and Wells Fargo Securities LLC are joint lead bookrunners.

BNP Paribas Securities Corp., DNB, Mizuho Securities USA Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and TD Securities (USA) LLC are the senor co-managers. Loop Capital Markets LLC, Barclays, BBCA, Credit Agricole CIB, Truist and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A and Regulation S for life 8.5-year notes come with 3.5 years of call protection.

The Houston-based oil and gas midstream services plans to use the proceeds to repurchase approximately 31 million class B units from affiliates of Hess Corp. and Global Infrastructure Partners.

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