Hess Midstream announces $400M sponsor unit repurchase and $263M secondary offering

Hess Midstream LP

HESM subsidiary repurchases 13,559,322 Class B units from sponsors for $400M at $29.50/unit; funded via revolver.
Sponsors sell 8.9M Class A shares in upsized secondary at $29.50/unit; underwriter option exercised for 1.335M additional.
Repurchase and offering close April 4; Sponsors retain ~81.65% voting and 2.04% economic interest post-transaction.
Transaction expected to optimize leverage to 3.0x Debt/EBITDA and provide immediate accretion to unitholders.

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