PITTSBURGH, Jan. 17,
2024 /PRNewswire/ -- EQT Corporation (NYSE: EQT)
("EQT") today announced that it has priced an underwritten public
offering (the "Offering") of $750
million in aggregate principal amount of its 5.750% senior
notes due 2034 (the "Notes"). EQT expects the Offering to
close on January 19, 2024, subject to
the satisfaction of customary closing conditions.
EQT expects to use the net proceeds from the Offering to repay a
portion of the borrowings under its term loan facility, which were
incurred in connection with its acquisition of Tug Hill and XcL
Midstream. In conjunction with the Offering, and subject to such
repayment and the satisfaction of customary closing conditions, the
term loan facility will be amended to, among other things, extend
its maturity date from June 30, 2025
to June 30, 2026.
J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD
Securities (USA) LLC and Wells
Fargo Securities, LLC are acting as joint book-running managers and
underwriters for the Offering. The Notes will be issued pursuant to
a prospectus supplement and the accompanying base prospectus, which
was filed as part of an effective shelf registration statement
filed with the Securities and Exchange Commission on Form S-3.
Copies of the preliminary prospectus supplement and accompanying
base prospectus relating to the Offering, as well as copies of the
final prospectus supplement once available, may be obtained on the
Securities and Exchange Commission's website at www.sec.gov or by
contacting J.P. Morgan Securities LLC, Attention: Investment Grade
Syndicate Desk, 383 Madison Avenue, New
York, NY 10179, by telephone at 1-212-834-4533; MUFG
Securities Americas Inc., Attention: Capital Markets Group, 1221
Avenue of the Americas, 6th Floor, New
York, New York 10020, by telephone at 1-877-649-6848; TD
Securities (USA) LLC by telephone
(toll-free) at 1-855-495-9846; or Wells Fargo Securities, LLC,
Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000,
Minneapolis, Minnesota 55402, by
email at wfscustomerservice@wellsfargo.com or by telephone at
1-800-645-3751.
This news release does not constitute an offer to sell, a
solicitation to buy or an offer to purchase or sell any securities,
nor will there be any sale of the Notes in any jurisdiction in
which such offer, solicitation or sale is not authorized or to any
person to whom it is unlawful to make such offer, solicitation or
sale.
Investor Contact:
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.395.2555
cameron.horwitz@eqt.com
About EQT Corporation
EQT Corporation is a leading independent natural gas production
company with operations focused in the cores of the Marcellus and
Utica Shales 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.
Cautionary Statements
This news release contains certain forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and Section 27A of the Securities Act of 1933, as
amended. Statements that do not relate strictly to historical or
current facts are forward-looking. Without limiting the generality
of the foregoing, forward-looking statements contained in this news
release specifically include statements regarding EQT's plans and
expected timing with respect to the Offering and its term loan
facility.
The forward-looking statements included in this news release
involve risks and uncertainties that could cause actual results to
differ materially from projected results. Accordingly, investors
should not place undue reliance on forward-looking statements as a
prediction of actual results. EQT has based these forward-looking
statements on current expectations and assumptions about future
events, taking into account all information currently known by EQT.
While EQT considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks and
uncertainties, many of which are difficult to predict and beyond
EQT's control. These risks and uncertainties include, but are not
limited to, volatility of commodity prices; the costs and results
of drilling and operations; uncertainties about estimates of
reserves, identification of drilling locations and the ability to
add proved reserves in the future; the assumptions underlying
production forecasts; the quality of technical data; EQT's ability
to appropriately allocate capital and other resources among its
strategic opportunities; access to and cost of capital, including
as a result of rising interest rates and other economic
uncertainties; EQT's hedging and other financial contracts;
inherent hazards and risks normally incidental to drilling for,
producing, transporting and storing natural gas, natural gas
liquids and oil; cyber security risks and acts of sabotage;
availability and cost of drilling rigs, completion services,
equipment, supplies, personnel, oilfield services and sand and
water required to execute EQT's exploration and development plans,
including as a result of inflationary pressures; risks associated
with operating primarily in the Appalachian Basin and obtaining a
substantial amount of EQT's midstream services from Equitrans
Midstream Corporation; the ability to obtain environmental and
other permits and the timing thereof; government regulations or
actions, including regulations pertaining to methane and other
greenhouse gas emissions; negative public perception of the fossil
fuels industry; increased consumer demand for alternatives to
natural gas; environmental and weather risks, including the
possible impacts of climate change; and disruptions to EQT's
business due to acquisitions and other significant transactions.
These and other risks and uncertainties are described under the
"Risk Factors" section and elsewhere in EQT's Annual Report on Form
10-K for the fiscal year ended December 31,
2022 and in other documents EQT files from time to time with
the Securities and Exchange Commission. In addition, EQT may be
subject to currently unforeseen risks that may have a materially
adverse impact on it.
Any forward-looking statement speaks only as of the date on
which such statement is made, and except as required by law, EQT
does not intend to correct or update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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SOURCE EQT Corporation (EQT-IR)