EQT extends Tug Hill acquisition outside date to Dec 2023, releases $150M escrow

EQT Corp

Amended purchase agreement extends outside date from Dec 30, 2022 to Dec 29, 2023 due to FTC second request.
$150M escrow released to sellers; seller issued EQT a promissory note (0% pre-termination, 10% post-termination interest).
Term loan credit agreement amended to extend lender commitment termination to June 30, 2023; $1.25B facility adjusted.
Remaining bridge loan commitments (~$260M) terminated as EQT determined no longer needed for financing.
A&R purchase agreement also modifies certain purchase price adjustments and interim operating covenants.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

EQT Corp amended Amended and Restated Purchase Agreement with THQ Appalachia I, LLC, THQ-XcL Holdings I, LLC (effective 2022-12-23).

Action: amendment
Agreement: asset purchase
Counterparty: THQ Appalachia I, LLC, THQ-XcL Holdings I, LLC
Effective: 2022-12-23

Exact text from the filing

on December 23, 2022 (the “A&R Execution Date”), the EQT Parties and the Tug Hill Parties entered into an Amended and Restated Purchase Agreement (the “A&R Purchase Agreement”), which amends and restates the Purchase Agreement in its entirety and, among other things, extends the Original Outside Date to December 29, 2023.

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EQT Corp filing history →

Source: SEC EDGAR

accession 0001104659-22-129998

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