EQT launches upsized $350 million eight-year senior bullet notes at par to yield 5%

By Abigail W. Adams

Portland, Me., Oct. 30 – EQT Corp. launched an upsized $350 million of eight-year senior bullet notes at par to yield 5%, according to a market source.

The deal was upsized from $300 million and came tighter than official price talk in the 5¼% area.

Early whispers had the deal coming in the mid-5% area.

The deal was heavily oversubscribed with an order book of $1.2 billion, a source said.

BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC were active bookrunners for the registered offering.

Barclays, BMO Capital Markets Corp., J.P. Morgan Securities LLC, MUFG, PNC Capital Markets LLC, RBC Capital Markets Corp., Scotia Capital (USA) Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc. are joint bookrunners.

Co-managers are Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Citizens Capital Markets, Inc. and Huntington Securities, Inc.

There is a poison put at 101.

Proceeds from the offering, in addition to cash on hand, borrowings from the revolving credit facility and proceeds from a concurrent equity offering, will be used to partially fund the acquisition of Chevron’s Appalachia assets.

EQT is a Pittsburgh-based natural gas producer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.