Hess Announces Conversion Rate for Mandatory Convertible Preferred Stock

Posted On January 31st, 2019 - 10:11 am | by Oil and gas press

Hess Corporation (NYSE:HES) today announced that the Company’s 8.00% Series A Mandatory Convertible Preferred Stock (the “Preferred Stock”) and related depositary shares, each representing a 1/20th interest in a share of Preferred Stock, will automatically convert into 21.8220 shares of the Company’s common stock per share of Preferred Stock (1.0911 shares of common stock per depositary share) on January 31, 2019.

Cash will be paid in lieu of any fractional shares.

The conversion rate is based upon the volume-weighted average price per share of the Company’s common stock over the 20 consecutive trading day period beginning on, and including, December 28, 2018 and ending on January 28, 2019.

No action by holders of the depositary shares is required in connection with the conversion. Following the conversion, the Preferred Stock will no longer be outstanding and the depositary shares will be delisted from trading on the NYSE.

In connection with the offering of the depositary shares in 2016, the Company entered into capped call transactions to reduce the potential dilution to the Company’s common stock upon conversion of the Preferred Stock, subject to a cap. The Company expects to receive approximately 945,000 shares of common stock upon settlement of the capped calls, which will reduce the net number of shares to be issued by the Company upon conversion of the Preferred Stock to approximately 11.6 million shares of the Company’s common stock.

Source / More : Hess Corporation

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