Amerada Hess Corporation Announces Proposed $500 Million Public Offering of Mandatory Convertible Preferred Stock
November 17 2003 - 7:05AM
PR Newswire (US)
Amerada Hess Corporation Announces Proposed $500 Million Public
Offering of Mandatory Convertible Preferred Stock NEW YORK, Nov. 17
/PRNewswire-FirstCall/ -- Amerada Hess Corporation today announced
that it intends to publicly offer $500 million of Mandatory
Convertible Preferred Stock (10.0 million shares with liquidation
preference $50 per share). The Company also will grant the
underwriters an option to purchase up to an additional $75 million
(1.5 million shares of preferred stock). The Mandatory Convertible
Preferred Stock will be issued pursuant to Amerada Hess' shelf
registration statement filed with the Securities and Exchange
Commission on November 6, 2003 and declared effective on November
14, 2003. The Company intends to use net proceeds from the offering
for general corporate purposes, including reduction of debt.
Separately, Amerada Hess announced today that it intends to offer
to purchase for cash up to an aggregate $594 million in principal
amount of its outstanding debt. The offer related to its
outstanding 5.30% Notes due August 15, 2004 and 5.90% Notes due
August 15, 2006, and the 9.25% Notes due April 15, 2005 and 8.875%
Notes due October 1, 2007 of Triton Energy Limited and Triton
Energy Corporation which were assumed by Amerada Hess. Amerada
Hess, headquartered in New York, is a global integrated energy
company engaged in the exploration for and the production,
purchase, transportation and sale of crude oil and natural gas, as
well as the production and sale of refined petroleum products.
Goldman Sachs is serving as sole book-running manager for the
offering. Copies of the prospectus and prospectus supplement
related to the public offering may be obtained from Goldman, Sachs
& Co., Prospectus Department, One New York Plaza, New York, NY
10004. Goldman Sachs is also serving as dealer manager for the
Company's offer to purchase up to $594 million of its outstanding
debt. This announcement does not constitute an offer to sell or a
solicitation of an offer to buy Mandatory Convertible Preferred
Stock. The Mandatory Convertible Preferred Stock will not be sold
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful. This news release contains
forward-looking statements that are based on current expectations.
These statements are not guarantees of future performance and are
subject to risks and uncertainties that could cause actual results
and Company plans and objectives to differ materially from those
expressed in the forward-looking statements. DATASOURCE: Amerada
Hess Corporation CONTACT: Jay Wilson of Amerada Hess Corporation,
+1-212-536-8940
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