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EQT Corp. has closed on the formation and funding of its new midstream joint venture (JV) with Blackstone Credit & Insurance, the company said Dec. 30.
Blackstone now holds non-controlling common equity interest in the JV, which include EQT’s Mountain Valley Pipeline and Hammerhead Pipeline, as well as some storage and transmission assets.
In exchange, EQT received $3.5 billion cash. EQT used the proceeds to pay down debt, including its term loan, revolving credit facility and bridge term loan facility used to fund the repurchase of EQM Midstream Partners LP senior notes.
RBC Capital Markets LLC acted as financial adviser and Kirkland & Ellis LLP served as legal counsel to EQT on the transaction. For Blackstone, Citi acted as financial adviser and Milbank LLP served as legal counsel on the transaction.
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