EQM Midstream begins cash tender offers for $800 million of notes

Chicago, May 31 – Equitrans Midstream Corp. announced that its wholly owned subsidiary, EQM Midstream Partners, LP, started cash tender offers for up to $800 million principal amount of senior notes, according to a press release on Tuesday morning.

The offer, covering three series, breaks down into one any-and-all offer and an offer that covers a maximum principal amount of $200 million from two series.

The company is offering to buy any and all of the $600 million outstanding 4¾% notes due 2023 (Cusip: 26885BAD2) for a total consideration of $1,020 per $1,000 note.

For the capped part of the offer, EQM is offering to buy from the $700 million outstanding 6% notes due 2025 (Cusips: 26885BAF7, U26886AA6) for a total consideration of $1,030 per $1,000 note and from the $500 million outstanding 4% notes due 2024 (Cusip: 26885BAA8) for $1,000 per note. The 6% notes will be given priority over the 4% notes.

There is no early deadline for the any-and-all offer and no early tender premium.

The considerations in the capped offer listed above include a $30 early tender premium that will only be paid to noteholders who tender their notes by the early deadline. Interest will be paid in all cases to the applicable settlement date.

The offers are conditional on the receipt of proceeds from one or more debt financing transactions on terms and in amounts satisfactory to the partnership.

The any-and-all offer expires at 5 p.m. ET on June 6, also the withdrawal deadline.

Settlement is planned for June 7.

There are guaranteed delivery procedures. Settlement for guaranteed delivery is set for June 9.

For the capped offer, the early deadline is 5 p.m. ET on June 13, also the withdrawal deadline.

Early settlement is expected for June 14.

The expiration time for the capped offer is 11:59 p.m. ET on June 28.

Final settlement is planned for June 29.

BofA Securities, Inc. is the dealer manager (980 388-3646, 888 292-0070).

D.F. King & Co., Inc. is the information and tender agent for the offer (877 783-5524, eqm@dfking.com, www.dfking.com/eqm).

Equitrans is a provider of midstream services in the Appalachian Basin through its three primary assets: the gathering system, the transmission and storage system, and its water services assets.

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