EQT plans to price senior notes in two parts due 2025, 2028

By Marisa Wong

Los Angeles, Sept. 20 – EQT Corp. plans to price senior notes in two tranches due 2025 and 2028, according to a 424B5 filing with the Securities and Exchange Commission.

The notes (Ba1//BBB-) will feature a make-whole call followed by a par call.

EQT intends to use proceeds from the offering, together with cash on hand, borrowings under its revolving credit facility or borrowings under a term loan to fund the cash consideration for its acquisition of the Tug Hill and XcL Midstream oil and gas assets.

The notes offering is not contingent on completion of the acquisition. However, if the acquisition does not occur on or before June 30, 2023, EQT will be required to redeem the notes at 101.

RBC Capital Markets LLC, Mizuho Securities USA LLC and PNC Capital Markets LLC are the joint bookrunners.

Bank of New York Mellon is the trustee.

Kirkland & Ellis LLP and Morgan, Lewis & Bockius LLP will act as counsel for the issuer.

Counsel to the underwriters is provided by Simpson Thacher & Bartlett LLP.

The energy company is based in Pittsburgh.

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