Equitrans Midstream Redeems Series A Preferred Shares

Equitrans Midstream Corporation (NYSE: ETRN) has announced the full redemption of its Series A Perpetual Convertible Preferred Shares. The redemption price per share is set at $22.83, to be redeemed in cash. This redemption will result in the cessation of accruing dividends on the preferred stock and the termination of all other rights of the holders, with the exception of the right to receive the redemption price.

The redemption is associated with the merger agreement entered into by Equitrans, EQT Corporation, and other parties. It is stated that EQT has exercised its right to cause Equitrans to effect the redemption, and the redemption is expected to occur on July 22, 2024, or a later date if influenced by the timing of the consummation of the merger.

Equitrans Midstream Corporation, as the parent company of EQM Midstream Partners, holds a significant position in the natural gas gathering sector in the United States, particularly in the Appalachian Basin. The company's operational focus encompasses gas transmission and storage systems, gas gathering systems, and water services supporting natural gas development and production in the Marcellus and Utica regions. Equitrans aims to be the premier midstream services provider in North America, prioritizing environmental, social, and governance (ESG) practices.

For further details, it's recommended to refer to the notice of redemption issued by Equitrans. The market has reacted to these announcements by moving the company's shares 0.5% to a price of $12.97. Check out the company's full 8-K submission here.

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