Hess Midstream Announces Pricing Of 10M Class A Shares Secondary Offering For $331M In Gross Proceeds
Portfolio Pulse from Benzinga Newsdesk
Hess Midstream LP (HESM) announced the pricing of a secondary offering of 10M Class A shares by an affiliate of Global Infrastructure Partners, generating $331M in gross proceeds. The underwriter has a 30-day option to buy up to 1.5M additional shares.
February 06, 2024 | 8:30 am
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Hess Midstream LP's secondary offering of 10M Class A shares could potentially dilute existing shareholders but also provides significant capital.
Secondary offerings can lead to dilution of existing shares, potentially putting downward pressure on the stock price. However, the significant capital raised ($331M) could be viewed positively if it's used for growth or debt reduction, balancing the short-term impact.
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