Published on 7/29/2014 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: EQT Midstream prices $500 million 4% 10-year notes at 160 bps spread
By Aleesia Forni
Virginia Beach, July 28 – EQT Midstream Partners LP priced $500 million of 4% senior notes (BBB-/BBB-/Ba1) due 2024 with a spread of Treasuries plus 160 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
Pricing was at 99.422 to yield 4.071%.
Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., BNP Paribas Securities Corp., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the joint bookrunners.
Proceeds from the offering will be used to repay amounts outstanding under the company’s credit facility and for general partnership purposes.
EQT is an energy company based in Pittsburg.
| Issuer: | EQT Midstream Partners LP
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| Guarantors: | Equitrans LP, Equitrans Investments LLC, Equitrans Services LLC, EQM Gathering Holdings LLC, EQM Gathering Opco, LLC
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| Amount: | $500 million
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| Description: | Senior notes
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| Maturity: | Aug. 1, 2024
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| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., BNP Paribas Securities Corp., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
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| Co-managers: | Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., CIBC World Markets Corp., Huntington Investment Co.
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| Coupon: | 4%
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| Price: | 99.422
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| Yield: | 4.071%
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| Spread: | Treasuries plus 160 bps
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| Trade date: | July 29
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| Settlement date: | Aug. 1
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| Ratings: | Moody’s: BBB-
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| Standard & Poor's: BBB-
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| Fitch: Ba1
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| Price talk: | Treasuries plus 165 bps area
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| Make-whole call: | Treasuries plus 25 bps prior to May 1, 2024, then callable par
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