EQT Closes $3.5B Midstream JV With Blackstone Credit
Transaction Type
Sellers
Announce Date
Post Date
Close Date
Estimated Price
3500BB
Description
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.