PITTSBURGH, Dec. 30,
2024 /PRNewswire/ -- EQT Corporation (NYSE: EQT)
(together with its subsidiaries, "EQT") announced today that it has
closed on the formation and funding of its previously announced
midstream joint venture ("JV") with an affiliate of Blackstone Credit & Insurance ("BXCI";
Blackstone (NYSE: BX)). EQT received $3.5 billion of cash consideration, net of
certain transaction fees and expenses, from BXCI in exchange for a
non-controlling common equity interest in the JV. EQT used the
proceeds from this transaction to pay down its term loan and
revolving credit facility and the bridge term loan facility that
was used to fund the previously announced redemption and repurchase
of certain senior notes of EQM Midstream Partners, LP, including
pursuant to a tender offer, which expired and settled
today.
Advisors
RBC Capital Markets, LLC acted as financial
advisor to EQT. Kirkland & Ellis LLP served as EQT's legal
counsel on the transaction.
Citi acted as financial advisor to Blackstone. Milbank LLP
served as Blackstone's legal counsel on the transaction.
Investor Contact
Cameron
Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com
About EQT Corporation
EQT Corporation is a premier,
vertically integrated American natural gas company with production
and midstream operations focused in the Appalachian Basin. We are
dedicated to responsibly developing our world-class asset base and
being the operator of choice for our stakeholders. By leveraging a
culture that prioritizes operational efficiency, technology and
sustainability, we seek to continuously improve the way we produce
environmentally responsible, reliable and low-cost energy. We have
a longstanding commitment to the safety of our employees,
contractors, and communities, and to the reduction of our overall
environmental footprint. Our values are evident in the way we
operate and in how we interact each day – trust, teamwork, heart,
and evolution are at the center of all we do. To learn more, visit
eqt.com.
About Blackstone Credit &
Insurance
Blackstone Credit
& Insurance ("BXCI") is one of the world's leading credit
investors. Our investments span the credit markets, including
private investment grade, asset based lending, public investment
grade and high yield, sustainable resources, infrastructure debt,
collateralized loan obligations, direct lending and opportunistic
credit. We seek to generate attractive risk-adjusted returns for
institutional and individual investors by offering companies
capital needed to strengthen and grow their businesses. BXCI is
also a leading provider of investment management services for
insurers, helping those companies better deliver for policyholders
through our world-class capabilities in investment grade private
credit.
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SOURCE EQT Corporation (EQT-IR)
