EQT Corporation announced the expiration and final results of its exchange offers and consent solicitations for EQM Midstream Partners, LP (EQM) notes. As of the expiration date on March 28, 2025, an aggregate of $3,869,493,000 principal amount of Existing EQM Notes were validly tendered. All conditions to each exchange offer and consent solicitation were satisfied or waived by EQT.
For notes tendered by the early tender date, holders received $1.00 in cash and $1,000 principal amount of new EQT notes per $1,000 principal amount. For notes tendered after the early tender date, holders received $1.00 in cash and $950 principal amount of new EQT notes. The settlement of these transactions is expected to occur on April 2, 2025.
The successful completion of these exchange offers and consent solicitations represents a major step in EQT's strategy to simplify its capital structure and reduce debt. The high participation rate, with approximately $3.87 billion in notes tendered, demonstrates strong market acceptance of the terms. This restructuring is expected to enhance EQT's financial flexibility and streamline its reporting obligations.
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