EQT Corporation (NYSE: EQT) has announced the early results and upsizing of the tender offer by its subsidiary, EQM Midstream Partners, LP, to purchase for cash EQM's outstanding 6.500% senior notes due 2048, 5.500% senior notes due 2028, 4.50% senior notes due 2029, and 7.500% senior notes due 2030. The maximum aggregate purchase price for notes that may be purchased has been increased from $1.275 billion to $1.3 billion.
As of the early tender date of December 9, 2024, the principal amount of each series of notes that were validly tendered and expected to be accepted for purchase, along with certain other terms of the tender offer, are as follows:
- 6.500% senior notes due 2048: $469,767,000 tendered (85.4% of outstanding) and 100.0% accepted
- 5.500% senior notes due 2028: $731,317,000 tendered (86.0% of outstanding) and 100.0% accepted
- 4.50% senior notes due 2029: $755,855,000 tendered (94.5% of outstanding) and 7.6% accepted
- 7.500% senior notes due 2030: $380,402,000 tendered (76.1% of outstanding) with no amount accepted
The tender offer is subject to conditions, including a financing condition and a condition relating to the consummation of the midstream joint venture transaction between EQM and certain subsidiaries and an affiliate of Blackstone Credit & Insurance, which have not been satisfied or waived as of the date of the press release.
RBC Capital Markets, LLC is acting as the dealer manager for the tender offer and the sole solicitation agent for the consent solicitation. The information agent and tender agent is Global Bondholder Services Corporation.
The press release emphasizes that the tender offer and the consent solicitation are being made only pursuant to the offer to purchase and consent solicitation statement and that the information in the news release is qualified by reference to the offer to purchase and consent solicitation statement. It also notes that the news release does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities.
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. As a result of these announcements, the company's shares have moved -1.0% on the market, and are now trading at a price of $42.84. If you want to know more, read the company's complete 8-K report here.
