EQM Midstream to price $600 million five-year notes on Wednesday

By Paul A. Harris

Portland, Ore., Feb. 21 – EQM Midstream Partners, LP plans to price a $600 million offering of senior notes due 2029 (Ba3/BB-/BB) in a Wednesday drive-by trailing a conference call with investors, according to a syndicate source.

The Rule 144A and Regulation S for life five-year notes become subject to an initial call after two years at par plus 50% of the coupon.

Wells Fargo Securities LLC is the left bookrunner. BofA Securities Inc., TD Securities (USA) LLC, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., Truist Securities Inc. and U.S. Bancorp Investments Inc. are the joint bookrunners.

The Canonsburg, Pa.-based natural gas producer, which was acquired by Equitrans Midstream in a 2022 merger, plans to use the proceeds to repay certain outstanding debt, including borrowings under the EQM credit facility, and for general partnership purposes.

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