EQM Midstream Partners, LP Announces Early Tender Results of Cash Tender Offers for Up to $500 Million in Aggregate Principal Amount of Senior Notes
January 19, 2021 at 05:15 pm IST
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EQM Midstream Partners, LP announced the early tender results of its previously announced tender offers to purchase up to $500 million in aggregate principal amount of its outstanding notes. The Offer to Purchase relates to two separate Offers, one for each series of notes. As of 5:00 p.m., New York City time, on January 15, 2021, according to information provided by D.F. King & Co. Inc., the tender and information agent for the Offers, an aggregate principal amount of $754,693,000 of 4.750% notes due 2023 had been validly tendered and not validly withdrawn in the Offer for such Notes. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on January 15, 2021. The Aggregate Maximum Principal Amount has been fully subscribed by the 2023 Notes tendered as of the Early Tender Deadline. In accordance with the Aggregate Maximum Principal Amount set forth above, the 2023 Notes validly tendered and not validly withdrawn prior to the Early Tender Deadline will be subject to proration as further described in the Offer to Purchase, and no 4.000% notes due 2024 will be accepted for purchase. The Partnership expects to accept for purchase in the Offers an aggregate principal amount of $500 million of 2023 Notes using a proration rate of ~66%. The Partnership does not anticipate accepting for purchase any Notes validly tendered after the Early Tender Deadline. The applicable Total Consideration for each $1,000 of principal amount of the 2023 Notes validly tendered and not validly withdrawn and accepted for purchase is set forth in the table above. Only holders of the 2023 Notes who validly tendered and did not validly withdraw their 2023 Notes at or prior to the Early Tender Deadline are eligible to receive the applicable Total Consideration, which includes the Early Tender Premium for the 2023 Notes of $30 per $1,000 principal amount of 2023 Notes tendered. In addition, such Holders will also be entitled to receive accrued and unpaid interest, if any, from the last interest payment date for the 2023 Notes up to, but not including, the Early Settlement Date. It is anticipated that the settlement date for the 2023 Notes validly tendered and accepted for purchase will be January 20, 2021.
EQT Midstream Partners LP is a United States-based company, which operates as a growth-oriented limited partnership that operates, acquires, and develops midstream assets in the Appalachian Basin. The Company is the natural gas gatherer in the United States and holds the transmission footprint in the Appalachian Basin. The Company provides midstream services to its customers in Pennsylvania, West Virginia, and Ohio through its three primary assets: the gathering system, which delivers natural gas from wells and other receipt points to transmission pipelines; the transmission and storage system, which delivers natural gas to local demand users and long-haul interstate pipelines for access to demand markets; and the water service system, which consists of water pipelines, impoundment facilities, pumping stations, take point facilities, and measurement facilities that support well completion activities and collect flowback and produced water for recycling or disposal.