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Hess Completes Sale, Establishes Midstream JV Valued at $5.35b

Source: www.gulfoilandgas.com 7/1/2015, Location: North America

Hess Corporation completed the previously 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.

The Hess midstream assets included in the joint venture are:

- Natural gas processing plant in Tioga, North Dakota
- Rail loading terminal in Tioga and associated rail cars
- Crude oil truck and pipeline terminal in Williams County, North Dakota
- Propane storage cavern and rail and truck transloading facility in Mentor, Minnesota
- Crude oil and natural gas gathering systems in North Dakota

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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