Published on 5/10/2021 in the Prospect News High Yield Daily.
New Issue: EQT prices $1 billion of five-, 10-year senior notes
By Paul A. Harris
Portland, Ore., May 10 – EQT Corp. priced $1 billion of senior notes (Ba2/BB/BB+) in two tranches in a Monday drive-by, according to market sources.
The deal included $500 million of five-year notes, which priced at par to yield 3 1/8%. The yield printed at the tight end of yield talk in the 3¼% area. Initial guidance as in the mid-to-high 3% area.
The offering also included $500 million of 10-year bullet notes that priced at par to yield 3 5/8%. The yield printed at the tight end of yield talk in the 3¾% area. Initial guidance was in the low 4% area.
Joint bookrunner BofA Securities LLC will bill and deliver. Other bookrunners were J.P. Morgan Securities LLC, MUFG, PNC Capital Markets LLC, Barclays, Citigroup Global Markets Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
The Pittsburgh-based energy company plans to use the proceeds to finance a portion of its acquisition of Alta Resources Development LLC.
| Issuer: | EQT Corp.
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| Amount: | $1 billion
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| Securities: | Senior notes
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| Bookrunners: | BofA Securities Inc. (bill and deliver), J.P. Morgan Securities LLC, MUFG, PNC Capital Markets LLC, Barclays, Citigroup Global Markets Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Co-managers: | SMBC Nikko Securities America Inc., BNY Mellon Capital Markets LLC, Citizens Capital Markets Inc. and WauBank
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| Trade date: | May 10
|
| Settlement date: | May 17
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| Ratings: | Moody's: Ba2
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| S&P: BB
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| Fitch: BB+
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| Distribution: | Rule 144A and Regulation S
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| Marketing: | Drive-by
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|
|
| Five-year notes
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| Amount: | $500 million
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| Maturity: | May 15, 2026
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| Coupon: | 3 1/8%
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| Price: | Par
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| Yield: | 3 1/8%
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| Spread: | 236 bps
|
| Call protection: | Three years
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| Price talk: | 3¼% area
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|
|
| 10-year notes
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| Amount: | $500 million
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| Maturity: | May 15, 2031
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| Coupon: | 3 5/8%
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| Price: | Par
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| Yield: | 3 5/8%
|
| Spread: | 202 bps
|
| Call protection: | Par call six months prior to maturity, otherwise non-callable
|
| Price talk: | 3¾% area
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