Hess Midstream Reports Commencement Of Public Offering Of 10M Class A Shares Representing Limited Partner Interests By Selling Shareholder Global Infrastructure Partners
Portfolio Pulse from Benzinga Newsdesk
Hess Midstream announced a public offering of 10 million Class A shares by Global Infrastructure Partners. The underwriters have a 30-day option to purchase an additional 1.5 million shares. Hess Midstream will not receive any proceeds from this sale.
September 18, 2024 | 8:18 pm
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NEGATIVE IMPACT
Hess Midstream's public offering of 10 million Class A shares by Global Infrastructure Partners may lead to short-term stock price pressure as the market absorbs the new supply. HESM will not benefit financially from this offering.
The offering increases the supply of HESM shares in the market, which can lead to downward pressure on the stock price. Since HESM will not receive any proceeds, there is no direct financial benefit to the company from this transaction.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100