EQT subsidiary EQM upsizes tender offer to $1.3B; early results show high tenders

EQT Corp

EQM increased maximum aggregate purchase price from $1.275B to $1.3B for tender offer on four series of senior notes.
As of Dec 9 early tender date, 85.4% of 2048 Notes ($469.8M) and 86.0% of 2028 Notes ($731.3M) tendered; both fully accepted.
94.5% of 2029 Notes ($755.9M) tendered but only 7.6% ($57.1M) accepted due to proration; 76.1% of 2030 Notes tendered, none accepted.
Requisite consents received to amend reporting covenants for 2028 and 2048 notes; supplemental indenture to be entered promptly.
Early settlement expected Dec 30, 2024, subject to conditions including financing and a midstream JV with Blackstone.

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