Hess Midstream Partners LP garnered about $794.6 million in valid tenders to exchange senior notes issued by Hess Infrastructure Partners LP and its subsidiary for new Hess Midstream notes.
The amount represents 99.32% of the $800 million of 5.625% senior notes due 2026 issued by Hess Infrastructure Partners and Hess Infrastructure Partners Finance Corp., according to an Oct. 21 news release. Besides the exchange offer, Hess Infrastructure Partners also received sufficient consents to adopt proposed amendments, including the removal of restrictive covenants and default events.
Under the offer launched earlier in October, noteholders will get $1,000 principal amount of Hess Midstream notes and $2.50 in cash in exchange for each $1,000 principal amount of Hess Infrastructure Partners notes validly tendered, as well as related consents validly delivered and not validly withdrawn before Oct. 18. There was an early participation premium of $30.
The settlement date is expected on the second business day after the exchange offer and consent solicitation expire Nov. 4.
Hess Midstream signed a $6.2 billion deal to acquire the ownership interests of Hess Corp. and Global Infrastructure Partners in Hess Infrastructure Partners. The deal is slated to close in the fourth quarter.