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EQT calls all 1.75% convertible senior notes due 2026 at par
By Marisa Wong
Los Angeles, Jan. 2 – EQT Corp. announced it will redeem all of its outstanding 1.75% convertible senior notes due 2026 (Cusip: 26884LAK5) on Jan. 17.
As of Dec. 29, the aggregate principal amount of the notes is $290,177,000, according to a Tuesday press release.
The notes will be redeemed at par plus accrued interest to but excluding the redemption date.
Under the terms of the notes, EQT may redeem all or any portion of the notes if the last reported sale price of EQT’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (consecutive or not), including the trading day immediately preceding the date of the notice of redemption, during any 30 consecutive trading day period ending on and including the trading day immediately preceding the date of the notice of redemption.
In lieu of surrendering their notes for redemption, holders may elect to convert their notes at any time before 5 p.m. ET on Jan. 12. The current conversion rate is 69.0364 shares of common stock per $1,000 principal amount of notes, equivalent to a conversion price of about $14.49. This conversion rate reflects an increase of 0.1452 additional shares per $1,000 principal amount above the otherwise applicable conversion rate of 68.8912 shares per $1,000 principal amount; the increase applies because the notes have been called for redemption.
Bank of New York Mellon is the paying agent and the conversion agent.
Pittsburgh-based EQT is an independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin.
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