Hess Midstream Partners (HESM) has released an update to notify the public and investors about an entry into a material definitive agreement.
Hess Midstream LP has conducted a significant transaction, selling 11.5 million Class A shares to an underwriter for a price of $32.83 each, resulting in net proceeds of approximately $377.5 million for the selling shareholder. The company itself did not gain any proceeds from this sale. Additionally, the deal included a 60-day lock-up period during which the company and selling shareholder cannot sell further Class A shares without the underwriter’s consent. This strategic financial move was executed under the terms of an established underwriting agreement and in accordance with the company’s effective shelf registration statement.
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For a comprehensive understanding of the announcement, you can read the full document here.