EQT Corporation announced the early results of its exchange offers and tender offers for EQM Midstream Partners, LP (EQM) notes and EQT notes. As of the Early Tender Date on March 7, 2025, a significant portion of notes were validly tendered, including 99.2% of EQM's 7.500% Senior Notes due 2027 and 79.0% of EQT's 3.900% Senior Notes due 2027. EQM also received the requisite consents to adopt proposed amendments for most of its outstanding notes, except for the 5.500% Senior Notes due 2028.
The aggregate purchase price for EQT Notes validly tendered exceeded the EQT Notes Tender Cap, meaning EQT will accept notes on a pro rata basis and does not expect to accept further tenders after the Early Tender Date. Payment for notes accepted for purchase is expected on March 12, 2025. The proposed amendments, if operative, will eliminate substantially all restrictive covenants and certain events of default in the relevant indentures.
The strong early participation in the exchange and tender offers indicates investor confidence in EQT's debt optimization strategy. Achieving the consent threshold for most EQM notes will streamline financial governance and reduce compliance complexities. This progress is crucial for EQT's ongoing efforts to simplify its capital structure and enhance financial flexibility.
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