22 02 2016

Hess Corporation $1.475 Billion Common Stock and Depositary Shares Offerings

Davis Polk advised the representative of the several underwriters in connection with the $975 million SEC-registered offering of 25,000,000 shares of common stock of Hess Corporation, and the concurrent $500 million SEC-registered offering of 10,000,000 depositary shares, each representing a 1/20th interest in a share of Hess Corporation’s new 8.00% Series A mandatory convertible preferred stock. In addition, Davis Polk advised certain of the underwriters of the depositary shares offering or their affiliates as counterparties to capped call transactions in connection with the depositary shares offering.


Goldman, Sachs & Co., J.P. Morgan, Morgan Stanley acted as Joint Book-Running Managers. BNP PARIBAS, BofA Merrill Lynch, Citigroup, DNB Markets, HSBC, Mizuho Securities, MUFG, Scotia Howard Weil, SMBC Nikko, Wells Fargo Securities acted as Senior Co-Managers. BBVA, Credit Agricole CIB, ING and TD Securities acted as Co-Managers. Hess Corporation is a global exploration and production company that develops, produces, purchases, transports and sells crude oil and natural gas. The Davis Polk corporate team included partners Michael Kaplan (Picture) and Mark M. Mendez and associates Barry J. Gewolb, Mark J. DiFiore, Ferrell Maguire, Won Lee and Caitlin L. Wood. The tax team included partner Michael Farber and associate Vinay Prabhakar. Counsel Loyti Cheng provided environmental advice. All members of the Davis Polk team are based in the New York office. Involved fees earner: Michael Kaplan - Davis Polk & Wardwell; Mark Mendez - Davis Polk & Wardwell; Barry Gewolb - Davis Polk & Wardwell; Mark DiFiore - Davis Polk & Wardwell; Ferrell Maguire - Davis Polk & Wardwell; Won Lee - Davis Polk & Wardwell; Caitlin Wood - Davis Polk & Wardwell; Michael Farber - Davis Polk & Wardwell; Vinay Prabhakar - Davis Polk & Wardwell; Loyti Cheng - Davis Polk & Wardwell;

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