EQT Midstream gets restated $1 billion five-year credit facility

By Marisa Wong

Morgantown, W.Va., Aug. 3 – EQT Midstream Partners, LP amended and restated on July 31 its existing $750 million unsecured revolving credit agreement dated Feb. 18, 2014 for a $1 billion credit facility due July 31, 2022, according to an 8-K filing with the Securities and Exchange Commission.

PNC Capital Markets LLC, Wells Fargo Securities, LLC, MUFG, Merrill Lynch, Pierce, Fenner & Smith Inc., Barclays Bank plc, Citigroup Global Markets, Inc., Goldman Sachs Bank USA and JPMorgan Chase Bank, NA are joint lead arrangers and bookrunners. Wells Fargo Bank, NA is administrative agent. PNC Bank, NA, MUFG, Bank of America, NA, Barclays Bank, Citibank, NA, Goldman Sachs Bank USA and JPMorgan Chase Bank are co-syndication agents.

The credit agreement has an accordion feature that allows EQT Midstream to increase the available revolving commitments by up to an additional $500 million.

Borrowings bear interest at Libor plus a margin based on EQT Midstream’s credit ratings. The margin ranges from 112.5 basis points to 200 bps.

The commitment fee ranges from 12.5 bps to 30 bps, also based on ratings.

Loan proceeds may be used for working capital, capital expenditures, dividends, unit repurchases and other corporate purposes.

The credit agreement requires the company to maintain a maximum consolidated leverage ratio of not more than 5.00 to 1.00, or not more than 5.50 to 1.00 for specified measurement periods following acquisitions.

The energy company is based in Pittsburgh.

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