Hess Infrastructure Partners LP Announces Closing of $800 Million of Senior Notes Due 2026 and Amended Credit Facilities

HOUSTON--(BUSINESS WIRE)-- Hess Infrastructure Partners LP (the “Partnership”), a midstream energy joint venture between Hess Corporation and Global Infrastructure Partners, and the sponsor of Hess Midstream Partners LP, a publicly traded master limited partnership, today announced the closing of its offering of $800 million in aggregate principal amount of 5.625% senior notes due 2026 (the “Notes”) at par. The Notes are being sold only to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States to non-U.S. Persons in compliance with Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). Hess Infrastructure Partners Finance Corporation, a direct, wholly owned subsidiary of the Partnership, serves as co-issuer of the Notes, and the Notes are guaranteed by certain subsidiaries of the Partnership. The Partnership used a portion of the net proceeds from the offering to repay borrowings under its existing credit facilities and to fund a distribution to its sponsors and expects to use the remainder for general partnership purposes.

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The Partnership also amended and restated its existing credit agreement, effective November 22, 2017, to reduce the outstanding principal amount of the term loan to $200 million and increase the commitments under its undrawn revolving credit facility to $600 million. The new credit facilities expire in November 2022 and are guaranteed by certain of the Partnership’s wholly owned subsidiaries and secured by first-priority perfected liens on substantially all of the Partnership’s and certain of its wholly owned subsidiaries’ directly owned assets, including its equity interests in certain subsidiaries, subject to customary exclusions.

The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Hess Infrastructure Partners LP

Hess Infrastructure Partners LP is a midstream energy joint venture between Hess Corporation and Global Infrastructure Partners. The Partnership owns various operating companies that provide a diverse mix of midstream oil and natural gas services in the core of the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota. The Partnership also owns a 100% interest in the general partner of Hess Midstream Partners LP, a publicly traded master limited partnership.

About Hess Midstream Partners LP

Hess Midstream Partners LP is a fee-based, growth-oriented, traditional master limited partnership that was formed to own, operate, develop and acquire a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream Partners LP’s assets are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota.

About the Sponsors

Hess Corporation is a global independent energy company engaged in the exploration and production of crude oil and natural gas. Global Infrastructure Partners is an independent infrastructure fund that invests in infrastructure assets and businesses across three core sectors: energy, transportation and water/waste.

Cautionary Statement Relevant to Forward-Looking Information

This press release includes forward-looking statements regarding future events. These forward-looking statements are based on the Partnership’s current plans and expectations and involve a numbers of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. While the Partnership may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if new information becomes available in the future. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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Hess Midstream Partners LP
Jennifer Gordon, 212-536-8244
Director – Investor Relations
Sard Verbinnen & Co
Patrick Scanlon, 212-687-8080

Source: Hess Midstream Partners LP