One-Page Deal Sheet
Hess Drops 50% of Bakken Midstream Assets in $5.35B JV Deal
Global Infrastructure Partners Hess Corp
Announced Date
June 11,2015
Close Date
July 01,2015
Transaction Type
JV
Location
Region
North America,Williston Basin
Country
United States
State
North Dakota
Play
Transaction Details: Require Private Equity Subscription
Closing Announcement - July 1, 2015
Hess Corporation has completed the previously announced sale of a 50 percent interest in its Bakken midstream assets to Global Infrastructure Partners for cash consideration of $2.675 billion.
As planned, Hess and Global Infrastructure Partners have created a premier midstream joint venture -- Hess Infrastructure Partners. The joint venture has incurred $600 million of debt through a 5-year Term Loan A facility with proceeds distributed equally to both partners, resulting in total after-tax cash proceeds net to Hess of $3.0 billion. In addition, the joint…