EQT Announces Pricing of Tender Offer for 3.900% Senior Notes due 2027
EQT (NYSE: EQT) has announced the pricing details for its tender offer to purchase its outstanding 3.900% Senior Notes due 2027. The tender offer includes an early tender premium of $50 per $1,000 principal amount of notes, with payment expected on March 12, 2025.
The company is offering to purchase notes for an aggregate purchase price up to $750,000,000 (the EQT Tender Offer Reference Amount), less the aggregate purchase price of EQM Midstream Partners' notes tendered in a separate offer. Due to high participation, EQT will accept notes on a pro rata basis and does not expect to accept additional tenders after the Early Tender Date.
The Early Tender Date was set at March 7, 2025, and the offer will expire on March 24, 2025. TD Securities and J.P. Morgan Securities are serving as Lead Dealer Managers for the tender offer.
EQT (NYSE: EQT) ha annunciato i dettagli di prezzo per la sua offerta di acquisto delle proprie 3,900% Senior Notes in circolazione con scadenza nel 2027. L'offerta include un premio per la presentazione anticipata di $50 per ogni $1,000 di valore nominale delle note, con pagamento previsto per il 12 marzo 2025.
La società offre di acquistare le note per un prezzo totale di acquisto fino a $750,000,000 (l'Importo di Riferimento dell'Offerta di EQT), meno il prezzo totale di acquisto delle note di EQM Midstream Partners presentate in un'offerta separata. A causa dell'alta partecipazione, EQT accetterà le note su base pro rata e non prevede di accettare ulteriori presentazioni dopo la Data di Presentazione Anticipata.
La Data di Presentazione Anticipata è stata fissata per il 7 marzo 2025, e l'offerta scadrà il 24 marzo 2025. TD Securities e J.P. Morgan Securities fungono da Lead Dealer Managers per l'offerta di acquisto.
EQT (NYSE: EQT) ha anunciado los detalles de precios para su oferta de compra de sus 3.900% Senior Notes en circulación con vencimiento en 2027. La oferta incluye una prima por presentación anticipada de $50 por cada $1,000 de valor nominal de las notas, con pago previsto para el 12 de marzo de 2025.
La empresa está ofreciendo comprar notas por un precio total de hasta $750,000,000 (el Monto de Referencia de la Oferta de EQT), menos el precio total de compra de las notas de EQM Midstream Partners presentadas en una oferta separada. Debido a la alta participación, EQT aceptará las notas de manera prorrata y no espera aceptar más presentaciones después de la Fecha de Presentación Anticipada.
La Fecha de Presentación Anticipada se estableció para el 7 de marzo de 2025, y la oferta expirará el 24 de marzo de 2025. TD Securities y J.P. Morgan Securities están actuando como Gerentes Principales de la Oferta de Compra.
EQT (NYSE: EQT)는 2027년 만기 3.900% 선순위 채권의 매입 제안 가격 세부 사항을 발표했습니다. 이 매입 제안에는 채권 1,000달러당 50달러의 조기 제출 프리미엄이 포함되어 있으며, 지급은 2025년 3월 12일로 예정되어 있습니다.
회사는 EQM Midstream Partners의 채권이 별도의 제안에서 제출된 총 매입 가격을 제외하여 최대 750,000,000달러(이QT 매입 제안 기준 금액)까지 채권을 매입할 것을 제안하고 있습니다. 높은 참여로 인해 EQT는 비례 배분 방식으로 채권을 수락할 것이며, 조기 제출 날짜 이후에는 추가 제출을 수락하지 않을 것으로 예상하고 있습니다.
조기 제출 날짜는 2025년 3월 7일로 설정되었으며, 제안은 2025년 3월 24일에 만료됩니다. TD Securities와 J.P. Morgan Securities는 매입 제안의 주요 딜러 관리자 역할을 하고 있습니다.
EQT (NYSE: EQT) a annoncé les détails de tarification de son offre de rachat de ses 3,900% Obligations Senior en circulation arrivant à échéance en 2027. L'offre comprend une prime de soumission anticipée de 50 $ par 1 000 $ de montant nominal des obligations, avec un paiement prévu le 12 mars 2025.
La société propose d'acheter des obligations pour un prix d'achat total pouvant atteindre 750 000 000 $ (le Montant de Référence de l'Offre EQT), moins le prix d'achat total des obligations d'EQM Midstream Partners soumises dans une offre séparée. En raison d'une forte participation, EQT acceptera les obligations sur une base pro rata et ne s'attend pas à accepter d'autres soumissions après la Date de Soumission Anticipée.
La Date de Soumission Anticipée a été fixée au 7 mars 2025, et l'offre expirera le 24 mars 2025. TD Securities et J.P. Morgan Securities agissent en tant que Gestionnaires Principaux de l'offre de rachat.
EQT (NYSE: EQT) hat die Preisinformationen für sein Angebot zum Kauf seiner ausstehenden 3,900% Senior Notes mit Fälligkeit 2027 bekannt gegeben. Das Angebot beinhaltet eine Frühbucherprämie von 50 USD pro 1.000 USD Nennbetrag der Anleihen, mit einer Zahlung, die für den 12. März 2025 erwartet wird.
Das Unternehmen bietet an, Anleihen zu einem Gesamtkaufpreis von bis zu 750.000.000 USD (der EQT-Angebotsreferenzbetrag) zu erwerben, abzüglich des Gesamtkaufpreises der in einem separaten Angebot eingereichten Anleihen von EQM Midstream Partners. Aufgrund der hohen Teilnahme wird EQT die Anleihen auf einer pro-rata-Basis akzeptieren und erwartet nicht, nach dem Frühbucherdatum weitere Angebote anzunehmen.
Das Frühbucherdatum wurde auf den 7. März 2025 festgelegt, und das Angebot läuft am 24. März 2025 aus. TD Securities und J.P. Morgan Securities fungieren als Hauptvertriebsleiter für das Angebot.
- Proactive debt management through tender offer of 2027 Notes
- Strong investor interest exceeding the tender cap indicates market confidence
- Pro rata acceptance of tenders due to oversubscription indicates some investors may not be able to sell their desired amount
- Early closure of additional tenders limits participation opportunities for remaining noteholders
Insights
EQT's tender offer for its 3.900% Senior Notes due 2027 represents a strategic debt management initiative with important implications for the company's capital structure. The tender offer includes a
The tender offer was oversubscribed, requiring pro-rata allocation for early participants, indicating strong bondholder interest in the offer terms. This oversubscription suggests the pricing was attractive to existing debtholders while likely being advantageous for EQT's long-term debt management strategy.
This tender offer appears to be part of a more comprehensive liability management program that also includes a separate tender offer for EQM Midstream Partners' 6.500% Senior Notes and a concurrent exchange offer. By coordinating these debt management activities, EQT is likely aiming to optimize its debt profile across its corporate structure.
The early settlement date of March 12, 2025, indicates a quick execution timeframe, allowing EQT to efficiently complete this portion of its debt restructuring. While this transaction doesn't fundamentally alter EQT's business operations, it represents prudent financial management aimed at optimizing the company's capital structure, potentially reducing interest expenses or extending debt maturities.
The following table sets forth some of the terms of the EQT Tender Offer, including the consideration payable:
Title of | CUSIP Number | Principal | Reference | Reference | Fixed Spread | Early | Total | Principal Amount Accepted | Approximate Proration | |||||||||
| 26884LAF6 |
| 3.959 % | +45 bps | 25.4 % |
___________ | |
(1) | Per |
(2) | Inclusive of the Early Tender Premium. |
(3) | The proration factor has been rounded to the nearest tenth of a percentage point for presentation purposes. |
The EQT Tender Offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated February 24, 2025 (as it may be amended or supplemented from time to time, the "Offer to Purchase"). As set forth in the Offer to Purchase, withdrawal rights for the EQT Tender Offer expired at 5:00 p.m.,
The consideration (the "Total Consideration") to be paid per
The Early Tender Date was the last date and time for holders to tender their EQT Notes in order to be eligible to receive the Total Consideration, which includes an early tender premium of
Payment for EQT Notes accepted for purchase is expected to be made on March 12, 2025 (the "Early Settlement Date"). EQT's obligation to accept for payment and to pay for EQT Notes validly tendered in the EQT Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase.
Pursuant to the EQT Tender Offer, EQT is offering to purchase EQT Notes for an aggregate purchase price, excluding accrued and unpaid interest, of up to an amount equal to the EQT Notes Tender Cap. The "EQT Notes Tender Cap" means (i) when calculated as of the Early Tender Date,
Because the aggregate purchase price, excluding accrued and unpaid interest, for EQT Notes validly tendered on or prior to the Early Tender Date is greater than the EQT Notes Tender Cap, EQT will accept EQT Notes for purchase on a pro rata basis based on the proration factor described in the Offer to Purchase and set forth in the table above, and EQT does not expect to accept for purchase any tenders of EQT Notes after the Early Tender Date even though the EQT Tender Offer will not expire until 5:00 p.m.,
TD Securities (
The Information Agent and Tender Agent for the EQT Tender Offer is Global Bondholder Services Corporation. Copies of the Offer to Purchase and any related EQT Tender Offer materials may be obtained from Global Bondholder Services Corporation by calling (212) 430-3774 (banks and brokers) or (855) 654-2015 (all others, toll-free) or by emailing contact@gbsc-usa.com.
This news release is for informational purposes only. The EQT Tender Offer is being made only pursuant to the Offer to Purchase, and the information in this news release is qualified by reference to the Offer to Purchase. Further, this news release does not constitute an offer to sell or the solicitation of an offer to buy the EQT Notes or any other securities. No recommendation is made as to whether holders should tender any EQT Notes in response to the EQT Tender Offer. Holders must make their own decision as to whether to participate in the EQT Tender Offer and, if so, the principal amount of EQT Notes to tender.
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 of 1933, as amended. 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 EQT Tender Offer, the EQM Tender Offer and related consent solicitation and EQT's concurrent exchange 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 total purchase amount cap for EQT's 2027 Notes tender offer?
When is the settlement date for EQT's tender offer?
What is the early tender premium offered by EQT for the 2027 Notes?
When does EQT's tender offer expire?
Will EQT accept additional note tenders after the Early Tender Date?
