EQM Midstream Partners, LP announced the early results and upsizing of its tender offer for outstanding senior notes, increasing the maximum aggregate purchase price from $1.275 billion to $1.3 billion. As of the Early Tender Date on December 9, 2024, the aggregate purchase price of validly tendered notes exceeded the new maximum. Consequently, EQM will accept notes for purchase based on acceptance priority and proration procedures.
Withdrawal and revocation rights for the tender offer and consent solicitation expired on December 9, 2024. EQM received the requisite consents to amend the indentures for the 2028 and 2048 Notes, which will allow EQT to provide financial statements in lieu of EQM. The early settlement date is expected to be December 30, 2024, subject to conditions including a financing condition and the consummation of the midstream joint venture transaction.
The oversubscription and upsizing of the tender offer demonstrate strong investor confidence in EQM's debt reduction strategy. Achieving the requisite consents for indenture amendments simplifies reporting requirements following EQT's acquisition of Equitrans. This progress is crucial for EQT's broader financial optimization and deleveraging efforts.
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