EQT plans to offer 5.75% senior notes to repay some borrowings used in the acquisition of Tug Hill and XcL Midstream. (Source: Shutterstock)
EQT Corp. has priced at $750 million an underwritten public offering of 5.75% senior notes that the company expects to use to repay borrowings used for the acquisition of Tug Hill and XcL Midstream, according to a Jan. 17 press release.
EQT funded $1.25 billion of the deal’s cash portion with term loan borrowings. The transaction, a combination of $2.4 billion cash and 49.6 million shares of stock, closed in August after more than a year of scrutiny by the Federal Trade Commission.
In conjunction with the offering, and subject to such repayment and the satisfaction of customary closing conditions, EQT’s term loan facility will be amended to extend its maturity date from June 30, 2025 to June 30, 2026, among other things.
J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC are acting as joint book-running managers and underwriters for the offering. The notes will be issued pursuant to a prospectus supplement and the accompanying base prospectus filed with the Securities and Exchange Commission.
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