Hess Midstream LP Announces Pricing of Secondary Public Offering of Class A Shares
HOUSTON, May 29, 2025--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) ("HESM") today announced the pricing of the previously announced underwritten public offering of an aggregate 15,022,517 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners, a part of BlackRock (the "Selling Shareholder"), at a public offering price of $37.25 per Class A share.
The gross proceeds from the sale of Class A shares by the Selling Shareholder are expected to be $559.59 million. HESM will not receive any proceeds from the sale of Class A shares in the offering. The offering is expected to close on May 30, 2025, subject to customary closing conditions.
J.P. Morgan and Citigroup are acting as the joint bookrunning managers of the offering.
The offering of these securities is being made only by means of the prospectus supplement and accompanying base prospectus as filed with the Securities and Exchange Commission (the "SEC"). Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained free of charge on the SEC's website at www.sec.gov under HESM's name or from J.P. Morgan and Citigroup as follows:
J.P. Morganc/o Broadridge Financial Solutions,1155 Long Island Avenue, Edgewood, NY 11717Email: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com
Citigroupc/o Broadridge Financial Solutions1155 Long Island AvenueEdgewood, NY 11717Telephone: 800-831-9146
The Class A shares are being offered and will be sold pursuant to an effective shelf registration statement that was previously filed with the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Hess Midstream LP
HESM is a fee-based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess Corporation and third-party customers. HESM owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of U.S. federal securities laws. Words such as "anticipate," "estimate," "expect," "forecast," "guidance," "could," "may," "should," "would," "believe," "intend," "project," "plan," "predict," "will," "target" and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. You should keep in mind the risk factors and other cautionary statements in the filings made by HESM with the SEC, which are available to the public. HESM undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250528693491/en/
Contacts
Investor Contact:Jennifer Gordon (212) 536-8244
Media Contact: Lorrie Hecker (212) 536-8250
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
31 minutes ago
- Forbes
How An Unassuming Geologist Cracked The Global Fertilizer Cartel
The eureka moment came in 2012, when professor emeritus William Harrison of the University of Western Michigan invited Ted Pagano, then a 35-year-old freelance geologist, to his 27,000-square-foot geological repository in Kalamazoo. A rock nerd's heaven, the warehouse's heavy-duty shelves feature crates of minerals from across the state. But Pagano was there to see something specific: the 80 pallets of rock cores donated in 2008 by the Mosaic Company, a large ($11.1 billion in 2024 sales) NYSE-listed potash specialist. Cores are standardized cylinders of rock, three feet long and four inches in diameter. These were recovered from some 75 wells drilled back in the early 1980s to depths 8,000 feet beneath Osceola and Mecosta counties, a sparsely populated swath of central Michigan, into a layer of rock rich in minerals deposited by an ocean that evaporated millions of years ago. Those minerals include salt (sodium chloride) and potash (mostly potassium oxide), which farmers prize as a fertilizer. It's a critical mineral—the U.S. uses 5.3 million tons annually and imports 95% of it, mostly from Canada. jamel toppin for forbes Pagano was excited to see these cores because he hoped they would prove his hunch: that Mosaic had been sitting on a potash motherlode in Michigan far bigger than anyone realized. He suspected that the deposit, if properly developed, could provide 1 million tons of fertilizer per year for American farmers. That would be nearly seven times the volume that Mosaic's little 150,000-ton-per-year plant in Hersey, Michigan, was producing. Putting up $70,000 of his own money, Pagano had formed Michigan Potash & Salt Company and was already leasing up mineral rights from ranchers and farmers in the area. Even so, Pagano says, 'I went to the core lab with skepticism.' Harrison and Pagano cut open sealed plastic bags to extract rock wrapped in newspapers from 1984. Testing revealed thick deposits of some of the highest-purity potash deposits ever discovered. They were especially excited when they opened the cores from a well called Stein 1-7. It had been drilled miles from the area considered the sweet spot, so Pagano thought the odds were high that these cores would show low concentrations of potash. Instead, they were just as good. This was proof that the actual extent of the Michigan potash deposit was considerably larger than even experts like Harrison had expected. Pagano began leasing like crazy: Soon he had a position covering 15,500 acres (about 24 square miles) of what has proven to be one of the biggest potash deposits in the United States. 'I was certain the Stein well would be a poor showing. Seeing it was just as good as the best well was astounding,' says Pagano, now 49. His Michigan Potash is on the cusp of closing on $1.8 billion of financing for a new mine, including a $1.3 billion loan from the Department of Energy and $500 million in equity being arranged by JPMorgan and Goldman Sachs. If all goes well, the mine will be churning out 1 million tons per year of potash (worth $350 million) and 1.3 million tons of salt (worth $80 million) by the end of the decade. With a resource base proven to be 130 million tons, they could keep that up for a century or more—and make Pagano, who owns 65%, very rich. Even now his stake is worth at least $300 million. Potash Stash: Core samples extracted from 1.5 miles beneath central Michigan reveal high-purity potassium oxide, marketed as premium 'white potash.' Pagano grew up in Greeley, Colorado, the son of a tax preparer and an assistant librarian. After graduating from Notre Dame in 1997, he earned a master's degree in petroleum engineering from the Colorado School of Mines. He got his start in the oil industry as a roustabout in Prudhoe Bay, Alaska, then worked as a geologist for Alaska's Bristol Bay Native Corporation. (He is part Aleut, the indigenous people of the Aleutian Islands.) From there he worked at Texaco, Chevron and Anadarko drilling shale oil wells in Colorado. In 2008, at age 33, he struck out on his own, initially planning to lease prospective oilfields in North Dakota's Bakken shale region, but land prices—which reached thousands of dollars per acre with a 20% royalty and five-year term—were too steep. Looking at other mineral trends in the northern Midwest, Pagano became fascinated with potash and puzzled by Mosaic's little Hersey operation. Why hadn't it expanded?[IMAGE] Despite being based in Florida, Mosaic mines nearly all its potash in Saskatchewan, and sells it via Canpotex (Canadian Potash Exporters) through its 50/50 partnership with Canadian fertilizer giant Nutrien (2024 sales: $26 billion). Canpotex, alongside Belarusalki of Belarus and Russia's Uralki, make up an oligopoly that controls more than 70% of global supply. After exhausting his own funds, Pagano raised $250,000 more from friends and family in exchange for 13% of his company. Since then, the only outside money Michigan Potash has taken is a $50 million grant from Michigan's state agriculture department in 2023 and a new $80 million grant from the USDA, crucial to getting through permitting. When Pagano initially approached the U.S. Department of Energy for funding in 2021, he got the cold shoulder. Michigan Potash was tiny and unproven. But he and his team persisted—and in 2025, as the war in Ukraine dragged on, the DOE agreed to a 15-year, $1.3 billion loan. But it came with conditions: Pagano must raise $500 million in equity, and to reduce risk Michigan Potash will outsource construction under a lump-sum, turnkey contract. 'Now [the DOE] look like geniuses,' says Cory Christofferson, Michigan Potash's chief development officer. Illustration by Patrick Welsh for forbes By William Baldwin What if we run short of potassium or phosphorus? That would be bad news for farmers and, by extension, the human race. It's an element—two elements—of the coming environmental doom postulated by the accomplished, but perhaps too pessimistic, money manager Jeremy Grantham. If you share his pessimism, it would make sense to acquire a stake in a potash and phosphate producer. Two of the big ones are Nutrien and Mosaic, both trading on the Big Board and both paying above-market yields. They are priced, respectively, at 23 and 19 times what Value Line sees for earnings this year. William Baldwin is Forbes' Investment Strategies columnist. To extract the potash, Pagano will use a form of 'in-situ,' or solution mining. He'll drill 8,000-foot-deep wells in pairs. One is the injection well, down which Michigan Potash will send hot water to dissolve potash and salt in place. The second is the production well; the solution travels up that well to the processing plant for separation and drying. The water is reclaimed, heated and sent back down the hole. From the surface the mine will hardly be noticeable and should be eligible for green tax credits. 'There's no hair on this project that we're ashamed of,' says chief operating officer Aric Glasser. In all, Forbes estimates that costs should come to about $140 per ton; potash sells for about $350 a ton today. Global giant Mosaic can produce potash for less—about $80 a ton—but Midwestern farmers are still on the hook for another $80 per ton in rail shipping costs from Saskatchewan, 1,200 miles away, plus any tariffs that President Trump might choose to impose (currently 10% on Canadian potash). Agricultural giant ADM has already agreed to buy nearly all of Pagano's yearly potash production. Mosaic rejected Pagano's offers to buy some or all of its remaining Hersey plant and, citing high costs, shut down its potash operation there in 2013. It sold the remaining salt processing operation to Cargill for $55 million. 'They thought they didn't have to worry about competition,' Christofferson says. Vladimir Putin's February 2022 invasion of Ukraine changed that thinking. The EU banned the import or even transit of Russian and Belarussian fertilizers. China banned potash exports to conserve supply for its domestic market. Prices soared to $1,200 per ton. To keep a lid on costs, neither President Biden nor Trump has banned or sanctioned imported Russian potash. Every ton Pagano can supply domestically should make more potash available outside the U.S. in international markets including sub-Saharan Africa, whose farmers desperately need fertilizer. 'It takes a crisis to wake people up out of complacency,' Pagano says. And it takes an intrepid contrarian to challenge an oligopoly.
Yahoo
42 minutes ago
- Yahoo
Eos Energy Enterprises, Inc. Announces Pricing of Common Stock Offering
EDISON, N.J., May 30, 2025 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ('Eos' or the 'Company') today announced the pricing of an offering of 18,750,000 shares of common stock at a price to the public of $4.00 per share (the 'Offering'). The Offering is being made pursuant to the Securities Act of 1933, as amended (the 'Securities Act'). The Company has granted the underwriters of the Offering, a 30-day option to purchase up to an additional 2,812,500 shares of common stock, at the public offering price, less the underwriting discounts. The Offering is expected to close on June 2, 2025, subject to customary closing conditions. The net proceeds from the Offering will be $70,500,000 (or $81,075,000 if the underwriters exercise their option to purchase additional shares in full), after deducting underwriting discounts and commissions. The Company intends to use the net proceeds from the Offering, together with the net proceeds from the offering of the notes referred to below, if it is consummated, (i) to repurchase the full $126 million aggregate principal amount outstanding of its 5%/6% Convertible Senior PIK Toggle Note due 2026 in a privately negotiated transaction for approximately $131 million; (ii) to prepay $50 million of outstanding borrowings due under its credit agreement, dated June 21, 2024, by and between Eos and CCM Denali Debt Holdings, LP (the 'Credit Agreement'); and (iii) for general corporate purposes. Upon the prepayment of $50 million of outstanding borrowings under the Credit Agreement, the PIK interest rate under the Credit Agreement will decrease from 15% to 7% and the financial covenants thereunder will be waived until 2027. CCM Denali Equity Holdings, LP has agreed that upon the consummation of the offering it will not transfer any securities issued to it under the Securities Purchase Agreement, dated June 21, 2024, between the Company and CCM Denali Equity Holdings, LP prior to June 21, 2026. In a separate press release, the Company also announced today the pricing of its previously announced private offering of $225,000,000 aggregate principal amount of 6.75% convertible senior notes due 2030 (the 'notes'), plus up to an additional $25,000,000 aggregate principal amount of notes that the initial purchasers of the note offering have the option to purchase from the Company. The issuance and sale of the notes are scheduled to settle on June 3, 2025, subject to customary closing conditions. The completion of the offering of common stock is not contingent on the completion of the offering of the notes, and the completion of the offering of notes is not contingent on the completion of the offering of common stock. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any notes or shares of common stock, if any, issuable upon conversion of the notes. Jefferies and J.P. Morgan acted as joint lead book-running managers for the Offering. TD Cowen and Stifel acted as passive book-runners for the Offering. Johnson Rice & Company acted as a co-manager for the Offering. The Company is conducting the Offering pursuant to an effective shelf registration statement, including a base prospectus, under the Securities Act of 1933, as amended. The Offering is being made only by means of a separate prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus relating to the Offering may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by email at prospectus_department@ and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@ and postsalemanualrequests@ Before you invest in the Offering, you should read the applicable prospectus supplement relating to the Offering and accompanying prospectus, the registration statement and the other documents that the Company has filed with the Securities and Exchange Commission as incorporated by reference therein, for more complete information about the Company and the Offering. Investors may obtain these documents for free by visiting the SEC's website at This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Eos Energy Enterprises Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. Forward-Looking Statements This press release includes forward-looking statements, including statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering and the intended use of the proceeds. Forward-looking statements represent Eos's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Eos's common stock and risks relating to Eos's business, including those described in periodic reports that Eos files from time to time with the SEC. Eos may not consummate the proposed offering described in this press release and, if the proposed offering are consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Eos does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. ContactsInvestors: ir@ media@ in to access your portfolio
Yahoo
42 minutes ago
- Yahoo
Eos Energy Enterprises, Inc. Prices Upsized $225,000,000 Convertible Senior Notes Offering
EDISON, N.J., May 30, 2025 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ('Eos' or the 'Company') today announced the pricing of its offering of $225,000,000 aggregate principal amount of 6.75% convertible senior notes due 2030 (the 'notes') in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'). The offering size was increased from the previously announced offering size of $175,000,000 aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on June 3, 2025, subject to customary closing conditions. Eos also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $25,000,000 aggregate principal amount of notes. The notes will be senior, unsecured obligations of Eos and will accrue interest at a rate of 6.75% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025. The notes will mature on June 15, 2030, unless earlier repurchased, redeemed or converted. Before March 15, 2030, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after March 15, 2030, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Eos will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Eos's election. The initial conversion rate is 196.0784 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $5.10 per share of common stock. The initial conversion price represents a premium of approximately 27.5% over the public offering price in the concurrent common stock offering described below. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Eos's option at any time, and from time to time, on or after June 20, 2028 and on or before the 41st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Eos's common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a 'fundamental change' (as defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require Eos to repurchase their notes for cash. The repurchase price will be equal to (x) 110% (or, if the effective date of such fundamental change is on or after June 15, 2027, 105%) of the principal amount of the notes to be repurchased, plus (y) accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. Eos estimates that the net proceeds from the offering of notes will be $216,000,000 (or $240,000,000 if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers' discounts and commissions. Eos intends to use the net proceeds from this offering, together with the net proceeds from the underwritten public offering of common stock referred to below, if it is consummated, (i) to repurchase the full $126 million aggregate principal amount outstanding of its 5%/6% Convertible Senior PIK Toggle Note due 2026 in a privately negotiated transaction for approximately $131 million; (ii) to prepay $50 million of outstanding borrowings due under its credit agreement, dated June 21, 2024, by and between Eos and CCM Denali Debt Holdings, LP (the 'Credit Agreement'); and (iii) for general corporate purposes. Upon the prepayment of $50 million of outstanding borrowings under the Credit Agreement, the PIK interest rate under the Credit Agreement will decrease from 15% to 7% and the financial covenants thereunder will be waived until 2027. CCM Denali Equity Holdings, LP has agreed that upon the consummation of the offering it will not transfer any securities issued to it under the Securities Purchase Agreement, dated June 21, 2024, between the Company and CCM Denali Equity Holdings, LP prior to June 21, 2026. In a separate press release, Eos also announced today the pricing of its previously announced underwritten public offering of 18,750,000 shares of its common stock, plus up to an additional 2,812,500 shares of its common stock that the underwriters of the common stock offering have the option to purchase from Eos, at a public offering price of $4.00 per share. The issuance and sale of the common stock are scheduled to settle on June 2, 2025, subject to customary closing conditions. The completion of the offering of the notes is not contingent on the completion of the offering of common stock, and the completion of the offering of common stock is not contingent on the completion of the offering of the notes. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any common stock in the public offering. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor shall there be any sale of the notes or any such shares, in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful. About Eos Energy Enterprises Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. Forward-Looking Statements This press release includes forward-looking statements, including statements regarding the completion of the offering and the expected amount and intended use of the net proceeds. Forward-looking statements represent Eos's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offerings and risks relating to Eos's business, including those described in periodic reports that Eos files from time to time with the SEC. Eos may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Eos does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. ContactsInvestors: ir@ media@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
