Hess Completes Sale, Establishes Bakken Midstream Joint Venture Valued at $5.35 Billion

NEW YORK--(BUSINESS WIRE)--Jul. 1, 2015-- Hess Corporation (NYSE: HES) today completed the previously announced sale of a 50 percent interest in its Bakken midstream assets to Global Infrastructure Partners for cash consideration of $2.675 billion.

As planned, Hess and Global Infrastructure Partners have created a premier midstream joint venture -- Hess Infrastructure Partners. The joint venture has incurred $600 million of debt through a 5-year Term Loan A facility with proceeds distributed equally to both partners, resulting in total after-tax cash proceeds net to Hess of $3.0 billion. In addition, the joint venture has independent access to capital including a fully committed $400 million 5-year Senior Revolving Credit Facility. As previously announced, the joint venture plans to proceed with an initial public offering of Hess Midstream Partners LP common units.

Hess Corporation | RSS Content