Hess Midstream dips after pricing secondary stock offering

Hess Midstream LP

17/05/2023 11:36

** Shares of oil and gas transporter Hess Midstream LP
 HESM.N  fall 6% to $27.33 premarket
    ** Co late on Tuesday announced pricing of underwritten
secondary stock offering
    ** 11.1 mln shares to be sold at $27/shr by subsidiary of
Hess Corp and affiliate of Global Infrastructure Partners; it
compares with stock's last close of $29.1   
    ** Underwriters Morgan Stanley and J.P.Morgan also have
given an option to purchase additional 1.67 mln Class A shares
within a 30-day period at the same price
    ** HESM will not receive any proceeds from the sale that is
expected to be about $300 mln
    ** Offering to close on May 19, 2023
    ** YTD, HESM shares down 2.9% through Wednesday close

 (Reporting by Arshreet Singh)
 ((Twitter: https://twitter.com/Arshreets))