Hess 8% mandatory convertible preferreds to convert into 21.822 shares

By Wendy Van Sickle

Columbus, Ohio, Jan. 30 – Hess Corp. said its 8% series A mandatory convertible preferred stock will each convert into 21.822 shares of the company’s common stock on Jan. 31.

The corresponding conversion rate for each depositary share will be 1.0911 shares of common stock, according to a news release issued on Wednesday.

On Dec. 26, Hess announced the conversion would occur at a conversion rate for each preferred share between 21.822 and 25.642 shares of Hess common stock, and the corresponding conversion rate for each depositary share would be between 1.0911 and 1.2821 shares of common stock, based upon the volume-weighted average price per share of Hess’ common stock over the 20 consecutive trading days from Dec. 28 through Jan. 28.

Holders of record at the close of business on Jan. 15 will receive a final quarterly cash dividend of $20.00 per share on the preferreds on Feb. 1.

Hess is a New York-based independent oil and gas producer.

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