EQT Announces Extension of Expiration Date for Exchange Offers and Consent Solicitations and Waiver of Consent Threshold Condition
EQT (NYSE: EQT) has announced an extension of the expiration date for its Exchange Offers and Consent Solicitations from March 24, 2025, to March 28, 2025, at 5:00 p.m., New York City time. The exchange offers involve replacing outstanding notes issued by EQM Midstream Partners, LP with new EQT notes worth up to $4.54 billion aggregate principal amount, plus cash.
The company has waived the Consent Threshold Condition requiring EQM to receive a minimum number of consents for proposed amendments. As of March 7, 2025, EQM received the required consents for all Existing EQM Notes except for the 5.500% Senior Notes due 2028. The settlement date is expected to be April 2, 2025.
The Exchange Offers are exclusively available to Eligible Holders, defined as qualified institutional buyers under Rule 144A or non-U.S. persons outside the United States under Regulation S. TD Securities and J.P. Morgan Securities are serving as Lead Dealer Managers for the exchange offers.
EQT (NYSE: EQT) ha annunciato un'estensione della data di scadenza per le sue Offerte di Scambio e Richieste di Consenso dal 24 marzo 2025 al 28 marzo 2025, alle 17:00, ora di New York. Le offerte di scambio prevedono la sostituzione delle note in circolazione emesse da EQM Midstream Partners, LP con nuove note EQT per un importo principale aggregato fino a 4,54 miliardi di dollari, più contante.
L'azienda ha rinunciato alla Condizione di Soglia di Consenso che richiedeva a EQM di ricevere un numero minimo di consensi per le modifiche proposte. A partire dal 7 marzo 2025, EQM ha ricevuto i consensi richiesti per tutte le Esistenti Note EQM, ad eccezione delle Note Senior al 5,500% in scadenza nel 2028. La data di regolamento è prevista per il 2 aprile 2025.
Le Offerte di Scambio sono disponibili esclusivamente per i Titolari Idonei, definiti come acquirenti istituzionali qualificati secondo la Regola 144A o persone non statunitensi al di fuori degli Stati Uniti ai sensi del Regolamento S. TD Securities e J.P. Morgan Securities fungono da Lead Dealer Managers per le offerte di scambio.
EQT (NYSE: EQT) ha anunciado una extensión de la fecha de vencimiento para sus Ofertas de Intercambio y Solicitudes de Consentimiento del 24 de marzo de 2025 al 28 de marzo de 2025, a las 5:00 p.m., hora de Nueva York. Las ofertas de intercambio implican reemplazar las notas en circulación emitidas por EQM Midstream Partners, LP con nuevas notas de EQT por un monto principal agregado de hasta 4.54 mil millones de dólares, más efectivo.
La empresa ha renunciado a la Condición de Umbral de Consentimiento que requería que EQM recibiera un número mínimo de consentimientos para las enmiendas propuestas. A partir del 7 de marzo de 2025, EQM ha recibido los consentimientos requeridos para todas las Notas Existentes de EQM, excepto para las Notas Senior al 5.500% con vencimiento en 2028. Se espera que la fecha de liquidación sea el 2 de abril de 2025.
Las Ofertas de Intercambio están disponibles exclusivamente para los Tenedores Elegibles, definidos como compradores institucionales calificados bajo la Regla 144A o personas no estadounidenses fuera de los Estados Unidos bajo la Regulación S. TD Securities y J.P. Morgan Securities actúan como Gerentes de Distribución Principal para las ofertas de intercambio.
EQT (NYSE: EQT)는 교환 제안 및 동의 요청의 만료 날짜를 2025년 3월 24일에서 2025년 3월 28일 오후 5시(뉴욕 시간)로 연장한다고 발표했습니다. 교환 제안은 EQM Midstream Partners, LP가 발행한 기존 노트를 최대 45억 4천만 달러의 원금으로 새로운 EQT 노트로 교체하는 내용을 포함합니다. 현금도 포함됩니다.
회사는 EQM이 제안된 수정안에 대해 최소한의 동의를 받도록 요구하는 동의 기준 조건을 면제했습니다. 2025년 3월 7일 기준으로 EQM은 2028년 만기 5.500% 선순위 노트를 제외한 모든 기존 EQM 노트에 대해 필요한 동의를 받았습니다. 결제일은 2025년 4월 2일로 예상됩니다.
교환 제안은 144A 규정에 따른 자격을 갖춘 기관 투자자 또는 미국 외의 비미국인을 정의한 적격 보유자에게만 제공됩니다. TD Securities와 J.P. Morgan Securities는 교환 제안의 주요 딜러 매니저 역할을 하고 있습니다.
EQT (NYSE: EQT) a annoncé une prolongation de la date d'expiration de ses Offres d'Échange et Sollicitations de Consentement du 24 mars 2025 au 28 mars 2025 à 17h00, heure de New York. Les offres d'échange impliquent le remplacement des obligations en circulation émises par EQM Midstream Partners, LP par de nouvelles obligations EQT d'une valeur totale pouvant atteindre 4,54 milliards de dollars, plus des liquidités.
L'entreprise a renoncé à la Condition de Seuil de Consentement exigeant qu'EQM reçoive un nombre minimum de consentements pour les modifications proposées. Au 7 mars 2025, EQM avait reçu les consentements requis pour toutes les Obligations Existantes d'EQM, à l'exception des Obligations Senior à 5,500% arrivant à échéance en 2028. La date de règlement est prévue pour le 2 avril 2025.
Les Offres d'Échange sont exclusivement disponibles pour les Détenteurs Éligibles, définis comme des acheteurs institutionnels qualifiés selon la Règle 144A ou des personnes non américaines en dehors des États-Unis selon la Réglementation S. TD Securities et J.P. Morgan Securities agissent en tant que Gestionnaires Principaux des offres d'échange.
EQT (NYSE: EQT) hat eine Verlängerung des Ablaufdatums für seine Austauschangebote und Zustimmungsgesuche vom 24. März 2025 auf den 28. März 2025 um 17:00 Uhr New Yorker Zeit angekündigt. Die Austauschangebote beinhalten den Austausch ausstehender Anleihen, die von EQM Midstream Partners, LP ausgegeben wurden, gegen neue EQT-Anleihen im Gesamtbetrag von bis zu 4,54 Milliarden US-Dollar, zuzüglich Bargeld.
Das Unternehmen hat die Zustimmungsschwelle, die verlangte, dass EQM eine Mindestanzahl von Zustimmungen für die vorgeschlagenen Änderungen erhält, aufgehoben. Am 7. März 2025 hatte EQM die erforderlichen Zustimmungen für alle bestehenden EQM-Anleihen erhalten, mit Ausnahme der 5,500% Senior Notes, die 2028 fällig werden. Das Abrechnungsdatum wird voraussichtlich der 2. April 2025 sein.
Die Austauschangebote sind ausschließlich für berechtigte Inhaber verfügbar, die als qualifizierte institutionelle Käufer nach Regel 144A oder als nicht-US-Personen außerhalb der Vereinigten Staaten gemäß Regulation S definiert sind. TD Securities und J.P. Morgan Securities fungieren als Hauptverwalter für die Austauschangebote.
- Waiver of Consent Threshold Condition simplifies the exchange process
- Strong consent participation received for most existing note series
- Extension provides additional time for eligible holders to participate
- Failed to receive required consents for 5.500% Senior Notes due 2028
- New Notes will not be registered under Securities Act, limiting transferability
Insights
EQT 's extension of the exchange offers expiration date and waiver of the consent threshold condition represents a strategic debt restructuring initiative involving up to
The extension from March 24 to March 28 and waiver of the consent threshold condition for the 5.500% Senior Notes due 2028 suggests EQT is working to maximize participation in this exchange. This maneuver is primarily administrative in nature, as it reorganizes existing obligations rather than fundamentally changing the company's overall debt burden.
This debt restructuring aligns with standard corporate finance practices for companies with subsidiary operations. By shifting debt from EQM to EQT, the company likely aims to streamline its capital structure and potentially benefit from EQT's credit profile. The elimination of restrictive covenants through the consent solicitations would provide management with increased financial flexibility.
For investors, this transaction is relatively neutral as it represents ordinary course financial management rather than signaling any fundamental change in EQT's business outlook or financial health. The company is using proper debt management techniques to optimize its capital structure, which is prudent but not transformative for its overall investment thesis.
The expiration date for the Exchange Offers and Consent Solicitations has been extended from 5:00 p.m.,
In addition, EQT today announced that it is waiving the condition to the Exchange Offers that EQM receive the requisite number of consents to adopt the Proposed Amendments with respect to all Existing EQM Notes (the "Consent Threshold Condition"). As of 5:00 p.m.,
The table below sets forth the principal amount of each series of Existing EQM Notes that have been validly tendered (and consents thereby validly delivered) as of the Early Tender Date. Each Eligible Holder who validly tenders its Existing EQM Notes pursuant to an Exchange Offer is deemed to have validly delivered its consent in the corresponding Consent Solicitation with respect to the principal amount of such tendered Existing EQM Notes. As of 5:00 p.m.,
Title of Notes | CUSIP Number | Principal Amount Outstanding at Early Tender Date | Principal Amount Tendered at Early Tender Date | Approximate Percentage of Outstanding Notes Tendered at Early Tender Date | ||||
26885BAM2 / | 99.2 % | |||||||
26885BAH3 / | ||||||||
26885BAC4 | 38.1 % | |||||||
26885BAK6 / | 98.9 % | |||||||
26885BAP5 / | 99.4 % | |||||||
26885BAN0 / | 97.4 % | |||||||
26885BAL4 / | 98.8 % | |||||||
26885BAE0 | 82.6 % | |||||||
___________ (1) In connection with a tender offer that launched substantially concurrently with the Exchange Offers (the "Concurrent EQM Tender Offer"), on March 12, 2025, EQM purchased
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Except as described in this news release with respect to the Expiration Date and the Consent Threshold Condition, all other terms and conditions of the Exchange Offers and Consent Solicitations remain unchanged and are described in the Offering Memorandum and Consent Solicitation Statement, dated February 24, 2025 (as it may be further amended or supplemented from time to time, the "Offering Memorandum and Consent Solicitation Statement").
The Exchange Offers are only being made, and the New Notes are only being offered and will only be issued, and copies of the Offering Memorandum and Consent Solicitation Statement and other related materials will only be made available, to holders of Existing EQM Notes who complete and return an eligibility form confirming, among other things, that they are either a "qualified institutional buyer" under Rule 144A or not a "
TD Securities (
The Information Agent and Exchange Agent for the Exchange Offers and the Consent Solicitations is Global Bondholder Services Corporation. Copies of the Offering Memorandum and Consent Solicitation Statement and materials related to the Exchange Offers or Consent Solicitations may be obtained from Global Bondholder Services Corporation by calling (212) 430-3774 (banks and brokers, collect) or (855) 654-2015 (all others, toll-free) or by emailing contact@gbsc-usa.com.
This news release is for informational purposes only. The Exchange Offers and the Consent Solicitations are being made only pursuant to the Offering Memorandum and Consent Solicitation Statement, and the information in this news release is qualified by reference to the Offering Memorandum and Consent Solicitation Statement. Further, this news release does not constitute an offer to sell or the solicitation of an offer to buy the Existing EQM Notes, the New Notes or any other securities. No recommendation is made as to whether holders should tender any Existing EQM Notes in response to the Exchange Offers or the Concurrent EQM Tender Offer (and deliver consents in response to the Consent Solicitations). Holders of Existing EQM Notes must make their own decision as to whether to participate in the Exchange Offers and the Consent Solicitations and, if so, the principal amount of Existing EQM Notes to tender.
The New Notes offered in the Exchange Offers have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. Therefore, the New Notes may not be offered or sold in
Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com
About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.
Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements regarding EQT's and EQM's plans and expected timing with respect to the Exchange Offers, the Consent Solicitations and the Concurrent EQM Tender Offer.
These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by it. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond its control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2024 and in other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE EQT Corporation (EQT-IR)
FAQ
What is the new expiration date for EQT's Exchange Offers and Consent Solicitations?
What is the total value of EQT's Exchange Offers for EQM Midstream notes?
When is the expected settlement date for EQT's Exchange Offers?
Which series of EQM notes did not receive the required consents for amendments?
Who is eligible to participate in EQT's Exchange Offers?
