EQT closes $3.5B Blackstone midstream JV, repays $2.2B in debt

EQT Corp

JV formed with Blackstone Credit & Insurance; JV contributed $3.5B cash for 350M Class B Units in PipeBox LLC.
EQM contributed midstream assets for 364.3M Class A Units; proceeds used to repay $500M term loan and portion of revolving credit.
EQM redeemed $400M of 6.000% 2025 notes and $500M of 4.125% 2026 notes; tender offer repurchased $1.258B of other notes.
Bridge facility of up to $2.3B was entered and fully repaid on closing using JV cash; facility terminated.
EQT guaranteed bridge facility; released upon repayment; RBC acted as administrative agent and lender.

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