14 Feb 2020substantial holder notice● Neutral
Harvest Fund Advisors LLC, Eric M. Conklin reported no remaining Hess Midstream Operations LP shareholding in its periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2020listing compliance notice▼ BadMajor
Hess Midstream Operations LP terminated the registration of a class of securities, ending its reporting obligation for them.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP director Gregory P. Hill disposed of 4,350 shares via option/appreciation-right settlement.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP Chairman of the Board & CEO John B Hess disposed of 206,550 shares via option/appreciation-right settlement.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP Vice President John P Rielly disposed of 20,000 shares via option/appreciation-right settlement.
17 Dec 2019asset acquisition disposition● NeutralMajor
On December 16, 2019, the restructuring agreed in October 2019 closed: the old public partnership merged with a new entity, Hess Midstream LP (New HESM), and survived as a subsidiary renamed Hess Midstream Operations LP. Public unitholders' stake now sits in New HESM, and the sponsors' (Hess Investments North Dakota and GIP) units became Class B units. The partnership also signed new $1,000.0 million five-year revolving and $400.0 million five-year term loan credit facilities with JPMorgan Chase as agent, and an amended omnibus agreement with Hess. This resolves the open restructuring and merger thread. The excerpt is truncated, so the rest of the items (listing change, share issuance, use of the senior notes proceeds) are not covered here.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP director Global Infrastructure Investors Ii, LLC disposed of 18,781,154 shares via option/appreciation-right settlement.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP director David W Niemiec disposed of 33,851 shares via option/appreciation-right settlement.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP Vice President of Operations Gerald A. Tamborski disposed of 12,819 shares via option/appreciation-right settlement.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP director Stephen J J Letwin disposed of 5,747 shares via option/appreciation-right settlement.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP General Counsel and Secretary Timothy B. Goodell disposed of 12,500 shares via option/appreciation-right settlement.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP director J Patrick Reddy disposed of 7,761 shares via option/appreciation-right settlement.
17 Dec 2019listing compliance notice● NeutralMajor
Hess Midstream Operations LP's exchange filed to remove a class of its securities from listing.
17 Dec 2019director interest notice● Neutral
Hess Midstream Operations LP Chief Operating Officer John A. Gatling disposed of 59,621 shares via option/appreciation-right settlement.
10 Dec 2019debt financing● NeutralMajor
On December 10, 2019, the partnership closed a $550 million offering of 5.125% senior notes due 2028 (sold at par). The press release says the proceeds will fund the acquisition of Hess Infrastructure Partners, including repaying HIP's credit facility borrowings and part of the distribution to HIP's sponsors. This funds the October 2019 restructuring. If the restructuring is not completed by March 31, 2020 (at the latest April 17, 2020), or the partnership announces it will not happen, the notes must be redeemed at the initial issue price plus accrued interest. Per the filing the proceeds are not held in escrow.
7 Nov 2019quarterly activities report● Neutral
Hess Midstream Operations LP reported quarterly revenue of $195.4 million and net income of $19.1 million for the period ended 2019-09-30.
30 Oct 2019quarterly activities report● Neutral
Hess Midstream Operations LP reported quarterly revenue of $195.4 million and net income of $19.1 million for the period ended 2019-09-30.
4 Oct 2019substantial holder notice● Neutral
GIP II Blue Holding Partnership, L.P, GIP Blue Holding GP, LLC, Global Infrastructure GP II, L.P, Global Infrastructure Investors II, LLC disclosed a new substantial Hess Midstream Operations LP shareholding (18.80% of votes).
4 Oct 2019capital raising announcement● NeutralMajor
On October 3, 2019, the partnership agreed a restructuring with Hess and GIP: a new corporation-taxed entity, New HESM, would replace it as the publicly traded company, and each public common unit would convert into one New HESM Class A share. The partnership would acquire Hess Infrastructure Partners (HIP) from Hess and GIP, which would then hold a 93.68% economic interest in the operating partnership and share a one-time cash distribution of about $549.3 million. Public holders would get a 6.0% voting and 95.0% economic interest in New HESM, equal to an indirect 6.0% interest in the operating business, while Hess and GIP would hold 94.0% of the votes. It needs an effective S-4 registration, NYSE listing and other conditions, and either side can terminate if it is not completed by March 31, 2020. This is a pending deal, so the public unitholders' final position is not yet settled.
4 Oct 2019substantial holder notice● Neutral
Hess Investments North Dakota LLC, Hess Corporation disclosed a new substantial Hess Midstream Operations LP shareholding (18.80% of votes).
7 Aug 2019quarterly activities report● Neutral
Hess Midstream Operations LP reported quarterly revenue of $172.8 million and net income of $16.8 million for the period ended 2019-06-30.
31 July 2019quarterly activities report● Neutral
Hess Midstream Operations LP reported quarterly revenue of $172.8 million and net income of $16.8 million for the period ended 2019-06-30.
6 May 2019quarterly activities report● Neutral
Hess Midstream Operations LP reported quarterly revenue of $174.2 million and net income of $18.1 million for the period ended 2019-03-31.
25 Apr 2019quarterly activities report● Neutral
Hess Midstream Operations LP reported quarterly revenue of $174.2 million and net income of $18.1 million for the period ended 2019-03-31.
10 Apr 2019director interest notice● Neutral
Hess Midstream Operations LP Vice President of Operations Gerald A. Tamborski sold 177 shares at $21.39.
10 Apr 2019director interest notice● Neutral
Hess Midstream Operations LP Chief Financial Officer Jonathan C. Stein sold 710 shares at $21.39.
8 Apr 2019director interest notice● Neutral
Hess Midstream Operations LP Chief Operating Officer John A. Gatling exercised stock options for 1,449 shares and disposed of 1,449 shares.
8 Apr 2019director interest notice● Neutral
Hess Midstream Operations LP Vice President of Operations Gerald A. Tamborski exercised stock options for 725 shares and disposed of 725 shares.
8 Apr 2019director interest notice● Neutral
Hess Midstream Operations LP Chief Financial Officer Jonathan C. Stein exercised stock options for 1,449 shares and disposed of 1,449 shares.
14 Feb 2019substantial holder notice● Neutral
Cohen & Steers, Inc, Cohen & Steers Capital Management, Inc, Cohen & Steers UK Limited reported a Hess Midstream Operations LP shareholding of 318,021 shares (1.17% of votes) in a periodic institutional filing.