New Issue: EQM Midstream prices $600 million 6 3/8% five-year notes at par

By Paul A. Harris

Portland, Ore., Feb. 21 – EQM Midstream Partners, LP priced a $600 million issue of five-year senior notes (Ba3/BB-/BB) at par to yield 6 3/8% in a Wednesday drive-by, according to market sources.

The yield printed at the tight end of the 6 3/8% to 6˝% yield talk.

Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were BofA Securities Inc., TD Securities (USA) LLC, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., Truist Securities Inc. and U.S. Bancorp Investments Inc.

The Canonsburg, Pa.-based natural gas producer, which was acquired by Equitrans Midstream in a 2022 merger, plans to use the proceeds to repay certain outstanding debt, including borrowings under the EQM credit facility, and for general partnership purposes.

Issuer:	EQM Midstream Partners, LP
Amount:	$600 million
Issue:	Senior notes
Maturity:	April 1, 2029
Left bookrunner:	Wells Fargo Securities LLC
Joint bookrunners:	BofA Securities Inc., TD Securities (USA) LLC, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., Truist Securities Inc. and U.S. Bancorp Investments Inc.
Coupon:	6 3/8%
Price:	Par
Yield:	6 3/8%
Spread:	208 bps
First call:	April 1, 2026 at 103.188
Trade date:	Feb. 21
Settlement date:	Feb. 26
Ratings:	Moody’s: Ba3
	S&P: BB-
	Fitch: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	6 3/8% to 6˝%
Marketing:	Drive-by

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