EQT forms $8.8B midstream JV with Blackstone, receives $3.5B cash; launches $1.275B debt tender

EQT Corp

Blackstone invests $3.5B for non-controlling stake in JV containing MVP, FERC assets, Hammerhead; JV valued at ~$8.8B (12x EBITDA).
EQT retains rights to MVP expansion and MVP Southgate; proceeds to pay down term loan, revolver, and fund tender.
EQT expects to exit 2024 with ~$9B net debt after transaction and prior NEPA divestiture.
EQM launches tender offer for up to $1.275B of senior notes (2048, 2028, 2029, 2030) with early tender premium of $50 per $1,000; conditioned on JV close.
EQM also plans to redeem $400M 2025 notes and $500M 2026 notes on Dec 30, 2024.

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