Published on 1/17/2024 in the Prospect News Investment Grade Daily.
New Issue: EQT sells $750 million 5.75% 10-year senior notes at Treasuries plus 165 bps
By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – EQT Corp. priced $750 million of 5.75% 10-year senior notes on Wednesday at Treasuries plus 165 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa3/BBB-/BBB-) priced at 99.922 to yield 5.76%.
The notes have a make-whole call at Treasuries plus 25 bps until Nov. 1, 2033, then have a par call.
Bookrunners were J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Wells Fargo Securities, LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, BofA Securities, Inc. and Citigroup Global Markets Inc.
Proceeds will be used to repay a portion of the borrowings under the company’s term loan credit agreement.
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.
| Issuer: | EQT Corp.
|
| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | Feb. 1, 2034
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| Bookrunners: | J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Wells Fargo Securities, LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, BofA Securities, Inc. and Citigroup Global Markets Inc.
|
| Co-managers: | Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc., WauBank Securities LLC, Citizens Capital Markets, Inc., M&T Securities, Inc., BOK Financial Securities, Inc. and BNY Mellon Capital Markets, LLC
|
| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Kirkland & Ellis LLP and Morgan, Lewis & Bockius LLP
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| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Coupon: | 5.75%
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| Price: | 99.922
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| Yield: | 5.76%
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| Spread: | Treasuries plus 165 bps
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| Call: | Make-whole at Treasuries plus 25 bps until Nov. 1, 2033, then a par call
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| Trade date: | Jan. 17
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| Settlement date: | Jan. 19
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| Ratings: | Moody's: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Cusip: | 26884LAR0
|
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