Hess Announces Conversion Date for Mandatory Convertible Preferred Stock
Hess Corporation (HES)
Last hess corporation earnings: 1/29 07:30 am
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)-- Hess Corporation (NYSE:HES) today announced that the Company’s 8.00% Series A Mandatory Convertible Preferred Stock (the “Preferred Stock”) and related depositary shares, each representing 1/20th interest in a share of Preferred Stock, are expected to automatically convert into shares of the Company’s common stock on January 31, 2019. The conversion rate for each share of Preferred Stock will be between 21.8220 and 25.6420 shares of the Company’s common stock (and, correspondingly, the conversion rate for each depositary share will be between 1.0911 and 1.2821 shares of the Company’s common stock), based upon the volume-weighted average price per share of the Company’s common stock over the 20 consecutive trading day period beginning on, and including, December 28, 2018 and ending on January 28, 2019. As previously announced, on February 1, 2019 holders of record at the close
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