debt
confidence high
sentiment positive
materiality 0.45
EQM Midstream eliminates restrictive covenants on five series of senior notes; 5.5% 2028 notes excluded
EQT Corp
- EQM entered supplemental indentures on March 12 to eliminate restrictive covenants, events of default, and change-of-control provisions on five note series; 5.500% 2028 notes excluded.
- Affected series include 6.500% due 2026, 2027, 2048; 4.50%/4.75% due 2029/2031; 7.500% due 2027/2030; and 6.375% due 2029.
- Covenant removal becomes operative upon purchase/exchange of all validly tendered notes; offers expire March 24, 2025.
- Once operative, amendments bind all holders of affected notes, including non-tendering holders, but exclude 5.500% 2028 notes.