Published on 10/30/2020 in the Prospect News High Yield Daily.
New Issue: EQT prices upsized $350 million eight-year senior bullet notes at par to yield 5%
By Abigail W. Adams
Portland, Me., Oct. 30 – EQT Corp. priced an upsized $350 million of eight-year senior bullet notes (Ba3//BB) at par to yield 5%, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
The deal was upsized from $300 million and priced tighter than talk in the 5¼% area.
Early whispers had the deal coming in the mid-5% area.
BofA Securities Inc. (lead left), 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.
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.
| Issuer: | EQT Corp.
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| Amount: | $350 million
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| Maturity: | January 2029
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| Securities: | Senior notes
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC (active), 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.
|
| Co-managers: | 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.
|
| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Spread: | 430 bps
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| First call: | Non-callable
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| Trade date: | Oct. 30
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| Settlement date: | Nov. 16
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| Ratings: | Moody's: Ba3
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| Fitch: BB
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| Distribution: | Registered
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| Price talk: | 5¼% area
|
| Marketing: | Quick to market
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