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EQT sees early tenders for $205.92 million of 3% notes due 2022
By Marisa Wong
Los Angeles, Jan. 13 – EQT Corp. announced the early results of its tender offer to purchase for cash up to $250 million of its $568,823,000 outstanding 3% senior notes due 2022 (Cusip: 26884LAE9).
As of 5 p.m. ET on Jan. 12, the early tender date, holders had tendered $205,924,000 of the notes, according to a Thursday press release.
The company expects to accept all of the early tendered notes for purchase on Jan. 14.
As announced on Dec. 29, the company is offering a total consideration of $1,012.50 per $1,000 principal amount. The total consideration includes an early tender premium of $50 per $1,000 of notes tendered by the early tender date.
Holders tendering after the early tender date will only be eligible to receive the tender offer consideration of $962.50 per $1,000 principal amount, or the total consideration less the early tender premium.
The company will also pay accrued interest to but excluding the applicable settlement date.
Since the offer has not been fully subscribed as of the early deadline, the company will continue to accept notes tendered after the early deadline.
The tender offer will expire at 11:59 p.m. ET on Jan. 27, and final settlement is expected to be Jan. 31.
Notes may be subject to proration if the aggregate principal amount of notes tendered would cause the offer cap to be exceeded.
Tenders may no longer be withdrawn.
The tender offer is subject to a number of conditions, the company noted.
TD Securities (866 584-2096 or 212 827-7795 or LM@tdsecurities.com) is acting as dealer manager for the tender offer.
Global Bondholder Services Corp. (866 470-3700 or 212 430-3774 or contact@gbsc-usa.com) is the information and tender agent.
Pittsburgh-based EQT is a natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin.
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