EQT completes exchange of $3.87B EQM notes for new EQT notes and cash; removes subsidiary covenants

EQT Corp

Accepted $3,869M aggregate principal of EQM notes (eight series) in exchange for new EQT notes and cash.
Issued eight series of EQT senior notes totalling ~$3.87B with maturities 2027-2048 and coupons 4.50%-7.50%.
Amended EQM indentures: removed reporting, liens, sale-leaseback, change-of-control covenants & default provisions.
Remaining outstanding EQM notes reduced to ~$166M across all series.
Registration rights agreement requires EQT to file registered exchange offer by March 28, 2026 or pay up to 1% extra interest.

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