Hess accepts tenders for $545.73 million of 6.65% notes due 2011

By Jennifer Chiou

New York, Dec. 17 - Hess Corp. said it accepted tenders from holders of $545,733,000 of its $662.12 million of 6.65% notes due Aug. 15, 2011.

The offer began on Dec. 9 and ended at 5 p.m. ET on Dec. 16.

The $1,094.94 per $1,000 principal amount purchase price was determined on Dec. 16 using a fixed spread of 25 basis points over the bid-side yield to maturity of the 5% Treasury note due Aug. 15, 2011. The tender offer yield was 0.879%.

The company also paid accrued interest.

There was no minimum tender condition to the offer, but there was a financing condition. Hess said it funded the purchase of the notes with part of the proceeds from the sale of its 6% notes due 2040, which was completed on Dec. 14.

Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-4692), J.P. Morgan Securities Inc. (866 834-4666 or call collect 212 834-4802) and Morgan Stanley & Co. Inc. (800 624-1808 or call collect 212 761-5384) were the dealer managers. Global Bondholder Services Corp. (866 470-4300 or call collect 212 430-3774) was the information agent.

Based in New York, the integrated energy company is engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas.

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