EQT Corporation Announces Results of Exchange Offers and Consent Solicitations for EQM Midstream Partners’ Notes
PITTSBURGH, PA – March 31, 2025
EQT Corporation (NYSE: EQT) (“EQT”), a leading integrated energy company with expertise in Appalachian area natural gas production, transmission, storage, and midstream services, announced today the expiration and final results of its previously announced Exchange Offers and Consent Solicitations for the notes issued by EQM Midstream Partners, LP (“EQM”), an indirect wholly owned subsidiary of EQT.
Exchange Offers
EQT offered to eligible holders (as defined below) of EQM’s outstanding notes (the “Existing EQM Notes”) to exchange any and all of their Existing EQM Notes for up to $4,541,839,000 aggregate principal amount of new notes (the “New Notes”) to be issued by EQT and cash.
The Exchange Offers expired at 5:00 p.m., New York City time, on March 31, 2025. Based on the final count by the Information and Tabulation Agent, a total of approximately $4,541,839,000 in aggregate principal amount of Existing EQM Notes have been validly tendered and not validly withdrawn in the Exchange Offers.
Consent Solicitations
EQM also conducted related solicitation of consents (the “Consent Solicitations”) from eligible holders of the Existing EQM Notes to adopt certain proposed amendments (the “Proposed Amendments”) to each of the indentures governing the Existing EQM Notes. The Proposed Amendments would eliminate substantially all of the restrictive covenants, certain events of default, and certain other provisions currently contained in the Existing EQM Indentures.
The Consent Solicitations expired at 5:00 p.m., New York City time, on March 31, 2025. Based on the final count by the Information and Tabulation Agent, a total of approximately $4,541,839,000 in aggregate principal amount of Existing EQM Notes have been validly tendered and not validly withdrawn in the Consent Solicitations, and the necessary consents have been obtained to adopt the Proposed Amendments.
Impact on Individual Investors
If you are an individual investor who participated in the Exchange Offers and Consent Solicitations, you should have received detailed instructions regarding the exchange process and the consent process. Please consult the official documentation and your financial advisor for specific information regarding your situation.
Impact on the World
The successful completion of the Exchange Offers and Consent Solicitations by EQT is significant for the energy industry as a whole. By eliminating restrictive covenants and other provisions from EQM’s indentures, EQT is streamlining the operations of its midstream subsidiary and potentially creating more flexibility for future growth and strategic initiatives.
Additionally, the exchange of notes for new notes and cash infusion into EQM may provide financial stability and support for the midstream company’s ongoing operations and future projects. This could lead to increased investment opportunities and potential growth for the energy sector.
Conclusion
EQT Corporation’s successful completion of the Exchange Offers and Consent Solicitations for EQM Midstream Partners’ notes marks an important milestone for the energy industry. By eliminating restrictive covenants and other provisions, EQT is streamlining the operations of its midstream subsidiary and potentially creating more flexibility for future growth and strategic initiatives. Individual investors who participated in the Exchange Offers and Consent Solicitations should consult the official documentation and their financial advisors for specific information regarding their situations. The financial stability and support provided to EQM through the exchange of notes for new notes and cash infusion could lead to increased investment opportunities and potential growth for the energy sector.
- EQT Corporation successfully completed the Exchange Offers and Consent Solicitations for EQM Midstream Partners’ notes.
- The Exchange Offers and Consent Solicitations eliminated restrictive covenants and other provisions from EQM’s indentures.
- Individual investors should consult the official documentation and their financial advisors for specific information regarding their situations.
- The financial stability and support provided to EQM could lead to increased investment opportunities and potential growth for the energy sector.
