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EQT tenders for up to $250 million 6 1/8% senior notes due 2025
By Wendy Van Sickle
Columbus, Ohio, May 24 – EQT Corp. began a cash tender offer for up to $250 million principal amount of its $901,521,000 outstanding 6 1/8% senior notes due Feb. 1, 2025 (Cusip: 26884LAH2), according to a news release Wednesday.
Also, the company plans to redeem an additional series of notes.
Pricing for the tender offer will be based on the 1 3/8% U.S. Treasury note due Jan. 31, 2025 plus a spread of 115 basis points and will be set at 10 a.m. ET on June 8. If the early tender consideration is greater than $1,000 per $1,000 principal amount, then the early tender consideration will be based on an assumed maturity date of Jan. 1, 2025, which is the par call date.
The total consideration will include an early tender premium of $30 per $1,000 principal amount that will be paid only to holders who tender by the early deadly of 5 p.m. ET on June 7, which is also the withdrawal deadline.
Noteholders will also receive accrued interest.
The offer will expire at 11:59 p.m. ET on June 22.
Early settlement is expected on June 9 and final settlement on June 26.
Tendered notes may be subject to proration if the principal amount of notes tendered would cause the cap to be exceeded.
The purpose of the tender offer is to reduce EQT’s principal amount of debt. Notes purchased are expected to be retired.
The company also expects to redeem all of its outstanding 5.678% senior notes due 2025 and expects a separate notice of redemption is forthcoming.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and Scotia Capital (USA) Inc. (833 498-1660 or LM@scotiabank.com) are the lead dealer managers.
M&T Securities, Inc. and WauBank Securities LLC are the co-dealer managers.
Global Bondholder Services Corp. (212 430-3774, 855 654-2015 or contact@gbsc-usa.com) is the information agent and tender agent.
EQT is a Pittsburgh-based natural gas production company.
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