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Hess to sell 50% Bakken stake for $2.67B, form JV with Global Infrastructure Partners

Jun. 11, 2015 8:22 AM ETHess Corporation (HES) StockBy: Carl Surran, SA News Editor9 Comments
  • Hess (NYSE:HES) agrees to sell a 50% stake in its Bakken pipeline and processing assets to Global Infrastructure Partners for $2.675B, and the two will form a midstream joint venture called Hess Infrastructure Partners.
  • HES says the JV will incur $600M of debt on closing through a five-year term loan facility, but it expects to net $3B from the deal; the JV will continue to pursue an IPO of Hess Midstream Partners common units.
  • HES says the proceeds from the deal plus cash on hand and an untapped $4B revolving credit facility will provide it with "a highly advantaged liquidity position compared to its peer group."
  • HES +1.3% premarket.

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