EQT Midstream Joint Venture and Debt Refinancing

Details

As part of the joint venture (JV) transaction, EQM redeemed its outstanding 6.000% Senior Notes due 2025 and 4.125% Senior Notes due 2026 in full and repurchased a significant portion of its 6.500% Senior Notes due 2048, 5.500% Senior Notes due 2028, and 4.50% Senior Notes due 2029 under a tender offer. The joint venture contributed $3.5 billion to the transaction. EQM obtained a $2.3 billion bridge term loan facility with Royal Bank of Canada to fund the redemptions and repurchases, which was repaid with a portion of the joint venture contribution and subsequently terminated. Additionally, a portion of the joint venture contribution was used to repay borrowings under EQT's term loan facility and revolving credit facility. EQM also entered into a Sixth Supplemental Indenture to amend the indenture for the Affected Notes. EQT provided a guaranty for the bridge facility, which was released upon the joint venture's accession as borrower.

Items reported

Exhibits (4)

About EQT Corporation

EQT Corporation is a leading natural gas producer with significant operations in the Appalachian Basin, one of the richest natural gas fields in the United States. As a key player in the energy sector, EQT focuses primarily on the exploration, production, and distribution of natural gas, thereby playing an integral role in the energy supply chain. The company's operations are anchored in advanced drilling techniques and technologies aimed at maximizing efficiency and environmental compatibility. EQT's commitment to sustainable practices is evident in its efforts to reduce carbon emissions and enhance energy production technologies. Serving both domestic and international markets, EQT's robust infrastructure and strategic asset base ensure a reliable energy supply, shaping the dynamics of the natural gas market. By leveraging its scale and operational expertise, EQT contributes significantly to energy security and economic growth, making it a pivotal entity within the global energy landscape.