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Shares of
Hess Corp.HES plunged more than 10 percent at $38.82 during Friday's pre-market trading session after the company
announced the pricing for a previously announced public offering.
Hess plans on offering 25 million shares of its common stock at a price of $39.00 per share, and 10 million depositary shares, each of which represents a 1/20th interest in a share of its 8 percent series A Mandatory Convertible Preferred Stock.
Shares of Hess closed at $43.47 on Thursday.
Hess noted that the proceeds from its stock offering and the depositary shares will be approximately $945.8 million and $485.3 million, respectively.
Hess also added that it plans on using the proceeds to "strengthen the Company's balance sheet" and for general corporate purposes including funding longer term capital needs.
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