Hess Midstream Partners LP opened its IPO of 12.5 million common units representing limited partner interests priced between $19 and $21 each, the company said March 27.
The common units being offered represent about 22.5% limited partner interest in the partnership, or about 25.8% limited partner interest if the underwriters exercise their option. Underwriters will have a 30-day option to purchase about 1.87 million additional units.
Hess Corp. (NYSE: HES), through certain subsidiaries, and Global Infrastructure Partners II and its affiliates, will each own 50% of the remaining limited partner interest. Hess Infrastructure Partners LP, a joint venture 50% owned by Hess and 50% owned by GIP, will own all of the equity interests in the partnership's general partner and all of the partnership's incentive distribution rights.
The units will trade on the New York Stock Exchange under the ticker symbol "HESM."
Goldman Sachs & Co., Morgan Stanley, Citigroup, J.P. Morgan, MUFG and Wells Fargo Securities are book-running managers. Barclays, HSBC, ING Financial Markets, Scotia Howard Weil, SMBC Nikko and TD Securities are co-managers for the offering.
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