Amerada Hess greenshoe exercised, raising convertibles to $75 million

New York, Nov. 25 - Amerada Hess Corp. said underwriters of its recent offering of mandatory convertible preferred stock have exercised the $75 million over-allotment option in full, raising the size of the deal to $675 million.

The New York energy company originally sold $600 million of the securities after the market closed on Nov. 19 to yield 7% with a 24% initial conversion premium. The deal was upsized at pricing from an original size of $500 million.

Goldman, Sachs & Co. was bookrunner for the off-the-shelf offering.

Amerada Hess will use proceeds for general corporate purposes, including reduction of debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.