EQT Corporation Announces Expiration and Final Results of Exchange Offers and Consent Solicitations for EQM Midstream Partners, LP Notes
EQT (NYSE: EQT) announced the completion of its exchange offers and consent solicitations for EQM Midstream Partners notes. As of March 28, 2025, $3,869,493,000 principal amount of Existing EQM Notes were validly tendered.
For each $1,000 of notes tendered by the Early Tender Date (March 7, 2025), holders will receive $1.00 cash and $1,000 in new notes. Late tenders will receive $1.00 cash and $950 in new notes. The settlement is expected on April 2, 2025.
The new notes will maintain identical maturity dates, interest rates, and payment dates as the existing notes. EQM also completed a concurrent tender offer for its 6.500% Senior Notes due 2027, purchasing $506,209,000 of these notes on March 12, 2025.
EQT (NYSE: EQT) ha annunciato il completamento delle sue offerte di scambio e delle richieste di consenso per le obbligazioni di EQM Midstream Partners. Al 28 marzo 2025, un importo principale di $3.869.493.000 di obbligazioni EQM esistenti è stato validamente offerto.
Per ogni $1.000 di obbligazioni offerte entro la Data di Offerta Anticipata (7 marzo 2025), i detentori riceveranno $1,00 in contante e $1.000 in nuove obbligazioni. Le offerte tardive riceveranno $1,00 in contante e $950 in nuove obbligazioni. Il regolamento è previsto per il 2 aprile 2025.
Le nuove obbligazioni manterranno le stesse date di scadenza, tassi di interesse e date di pagamento delle obbligazioni esistenti. EQM ha anche completato un'offerta di acquisto concorrente per le sue Obbligazioni Senior al 6,500% in scadenza nel 2027, acquistando $506.209.000 di queste obbligazioni il 12 marzo 2025.
EQT (NYSE: EQT) anunció la finalización de sus ofertas de intercambio y solicitudes de consentimiento para los bonos de EQM Midstream Partners. A partir del 28 de marzo de 2025, se validaron $3,869,493,000 en monto principal de los bonos EQM existentes.
Por cada $1,000 de bonos entregados antes de la Fecha de Entrega Anticipada (7 de marzo de 2025), los tenedores recibirán $1.00 en efectivo y $1,000 en nuevos bonos. Las entregas tardías recibirán $1.00 en efectivo y $950 en nuevos bonos. Se espera que el acuerdo se realice el 2 de abril de 2025.
Los nuevos bonos mantendrán las mismas fechas de vencimiento, tasas de interés y fechas de pago que los bonos existentes. EQM también completó una oferta de compra concurrente para sus Bonos Senior al 6.500% con vencimiento en 2027, comprando $506,209,000 de estos bonos el 12 de marzo de 2025.
EQT (NYSE: EQT)는 EQM Midstream Partners의 채권에 대한 교환 제안 및 동의 요청 완료를 발표했습니다. 2025년 3월 28일 기준으로, 기존 EQM 채권의 원금 $3,869,493,000이 유효하게 제출되었습니다.
조기 제출 마감일(2025년 3월 7일)까지 제출된 채권 $1,000당 보유자는 $1.00의 현금과 $1,000의 새로운 채권을 받게 됩니다. 늦게 제출된 경우에는 $1.00의 현금과 $950의 새로운 채권을 받게 됩니다. 결제는 2025년 4월 2일로 예상됩니다.
새로운 채권은 기존 채권과 동일한 만기일, 이자율 및 지급일을 유지합니다. EQM은 또한 2027년 만기 6.500%의 선순위 채권에 대한 동시 입찰 제안을 완료하여 2025년 3월 12일에 이 채권 $506,209,000을 구매했습니다.
EQT (NYSE: EQT) a annoncé l'achèvement de ses offres d'échange et de ses demandes de consentement pour les obligations d'EQM Midstream Partners. Au 28 mars 2025, un montant principal de 3 869 493 000 $ d'obligations EQM existantes a été valablement soumis.
Pour chaque 1 000 $ d'obligations soumises avant la date limite de soumission anticipée (7 mars 2025), les détenteurs recevront 1,00 $ en espèces et 1 000 $ en nouvelles obligations. Les soumissions tardives recevront 1,00 $ en espèces et 950 $ en nouvelles obligations. Le règlement est prévu pour le 2 avril 2025.
Les nouvelles obligations conserveront les mêmes dates d'échéance, taux d'intérêt et dates de paiement que les obligations existantes. EQM a également complété une offre d'achat simultanée pour ses Obligations Senior à 6,500 % arrivant à échéance en 2027, achetant 506 209 000 $ de ces obligations le 12 mars 2025.
EQT (NYSE: EQT) hat den Abschluss seiner Austauschangebote und Zustimmungsgesuche für die Anleihen von EQM Midstream Partners bekannt gegeben. Am 28. März 2025 wurden Anleihen im Nennwert von $3.869.493.000 gültig angeboten.
Für jede $1.000 der bis zur frühen Angebotsfrist (7. März 2025) angebotenen Anleihen erhalten die Inhaber $1,00 in bar und $1.000 in neuen Anleihen. Späte Angebote erhalten $1,00 in bar und $950 in neuen Anleihen. Die Abwicklung wird für den 2. April 2025 erwartet.
Die neuen Anleihen werden die gleichen Fälligkeitstermine, Zinssätze und Zahlungstermine wie die bestehenden Anleihen beibehalten. EQM hat auch ein paralleles Übernahmeangebot für seine 6,500% Senior Notes mit Fälligkeit 2027 abgeschlossen und am 12. März 2025 Anleihen im Wert von $506.209.000 gekauft.
- Successful tender of $3.87 billion in notes, showing strong holder participation
- Maintenance of identical interest rates and payment terms in new notes
- Early tender premium incentivizes quick participation
- Late tendering holders receive 5% less in new notes ($950 vs $1,000)
- Additional debt obligation through new notes issuance
Insights
EQT's successful exchange offer for $3.87 billion worth of subsidiary EQM Midstream's notes represents significant balance sheet restructuring that centralizes debt at the parent company level. The high participation rate (approximately 85% of the $4.54 billion eligible notes) indicates strong creditor acceptance of these terms.
This transaction maintains essentially identical financial terms - same maturity dates, interest rates, and payment schedules - suggesting this is primarily a structural reorganization rather than a refinancing aimed at reducing interest burden. The $1.00 cash per $1,000 principal amount plus equivalent new notes represents minimal incremental cost to execute this reorganization.
The key strategic benefit comes from the removal of restrictive covenants through the approved amendments to the indentures. By eliminating these limitations, EQT gains improved operational flexibility that could facilitate future strategic transactions in the natural gas space without triggering covenant violations. This provides management with greater degrees of freedom to operate in volatile commodity markets.
While this transaction doesn't materially alter EQT's overall debt load or interest expenses, it does streamline the corporate structure by consolidating obligations directly under the parent company. This type of financial housekeeping typically creates modest administrative efficiencies while potentially removing obstacles to future strategic initiatives.
The Exchange Offers and Consent Solicitations expired at 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 Expiration Date. Each Eligible Holder who validly tendered 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. In this news release, all Existing EQM Notes that have been validly tendered and not validly withdrawn are referred to as having been "validly tendered" and all consents that have been validly delivered and not validly revoked as having been "validly delivered."
Title of Notes | CUSIP Number | Principal Amount the Exchange Offers | Principal Amount Tendered at the Expiration Date | Approximate Percentage of Outstanding Notes the Expiration Date |
26885BAM2 / | 99.2 % | |||
26885BAH3 / | ||||
26885BAC4 | 38.1 % | |||
26885BAK6 / | 98.9 % | |||
26885BAP5 / | 99.5 % | |||
26885BAN0 / | 98.9 % | |||
26885BAL4 / | 99.1 % | |||
26885BAE0 | 83.8 % |
(1) | In connection with the Concurrent EQM Tender Offer (as defined below), | |||||||||
The Exchange Offers and Consent Solicitations were made on the terms and subject to the conditions set forth in the Offering Memorandum and Consent Solicitation Statement, dated February 24, 2025, as amended by EQT's news release dated March 24, 2025 (the "Offering Memorandum and Consent Solicitation Statement"). As of the Expiration Date, all conditions to each Exchange Offer and Consent Solicitation have been satisfied or waived by EQT, and settlement of the Exchange Offers and Consent Solicitations is expected to occur on April 2, 2025.
For each
The maturity date, interest rate and interest payment dates of each New Note issued pursuant to the Exchange Offers will be identical to, and the optional redemption provisions with respect to the subject New Note will be substantially the same as those applicable to, the corresponding Existing EQM Note for which such New Note was exchanged. No accrued and unpaid interest will be payable upon acceptance of any Existing EQM Notes in the Exchange Offers and Consent Solicitations (other than accrued and unpaid interest payable with respect to any fractional portion of New Notes not delivered in consideration of minimum denomination requirements). However, the first interest payment on the New Notes will include the accrued and unpaid interest from the applicable Existing EQM Notes tendered in exchange therefor so that a tendering Eligible Holder will receive the same interest payment it would have received had its Existing EQM Notes not been tendered in the Exchange Offers and Consent Solicitations.
Substantially concurrently with the commencement of the Exchange Offers and Consent Solicitations, EQM commenced a tender offer (the "Concurrent EQM Tender Offer") to purchase for cash any and all of EQM's outstanding
As previously announced, as of the Early Tender Date, EQM received the requisite number of consents to adopt the Proposed Amendments with respect to all Existing EQM Notes, except EQM's
The Exchange Offers were only made, and the New Notes were only offered and will only be issued, and copies of the Offering Memorandum and Consent Solicitation Statement and other related materials were only made available, to holders of Existing EQM Notes who completed and returned 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 were 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.
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 plans and expected timing with respect to the Exchange Offers.
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 value of EQM notes tendered in EQT's exchange offer as of March 2025?
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