PITTSBURGH, Sept. 20,
2022 /PRNewswire/ -- EQT Corporation (NYSE: EQT)
("EQT") today announced that it has priced an underwritten public
offering (the "Offering") of $1.0
billion in aggregate principal amount of senior notes
consisting of $500 million in
aggregate principal amount of its 5.678% senior notes due
2025 and $500 million in
aggregate principal amount of its 5.700% senior notes due 2028
(together, the "Notes"). EQT expects the Offering to close on
October 4, 2022, subject to the
satisfaction of customary closing conditions.
EQT intends to use the net proceeds from the Offering, together
with cash on hand, borrowings under its revolving credit facility
and/or borrowings under a new term loan facility, to fund the cash
consideration relating to its previously announced acquisition of
all of the issued and outstanding membership interests of each of
THQ Appalachia I Midco, LLC and THQ-XcL Holdings I Midco, LLC (the
"Acquisition"). If the Acquisition is not consummated on or before
June 30, 2023 or if EQT notifies the
trustee of the Notes that EQT will not pursue the consummation of
the Acquisition, EQT will redeem the Notes then outstanding at a
redemption price equal to 101% of the principal amount thereof plus
accrued and unpaid interest thereon to, but excluding, the date on
which the Notes are redeemed.
RBC Capital Markets, LLC, Mizuho Securities USA LLC and PNC Capital Markets LLC are acting
as joint book-running managers and underwriters for the
Offering. The Notes will be issued pursuant to a prospectus
supplement and the accompanying base prospectus, which was filed as
part of an effective shelf registration statement filed with the
Securities and Exchange Commission on Form S-3. Copies of the
preliminary prospectus supplement and accompanying base prospectus
relating to the Offering, as well as copies of the final prospectus
supplement once available, may be obtained on the Securities and
Exchange Commission's website at www.sec.gov or by contacting RBC
Capital Markets, LLC toll-free at 866-375-6829, Mizuho Securities
USA LLC toll-free at 866-271-7403,
or PNC Capital Markets LLC toll-free at 855-881-0697 or
pnccmprospectus@pnc.com.
This news release does not constitute an offer to sell, a
solicitation to buy or an offer to purchase or sell any securities,
nor will there be any sale of the Notes in any jurisdiction in
which such offer, solicitation or sale is not authorized or to any
person to whom it is unlawful to make such offer, solicitation or
sale.
Investor Contact:
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.395.2555
Cameron.Horwitz@eqt.com
About EQT Corporation
EQT Corporation is a
leading independent natural gas production company with operations
focused in the cores of the Marcellus and Utica Shales in the
Appalachian Basin. We are dedicated to responsibly developing our
world-class asset base and being the operator of choice for our
stakeholders. By leveraging a culture that prioritizes operational
efficiency, technology and sustainability, we seek to continuously
improve the way we produce environmentally responsible, reliable
and low-cost energy. We have a longstanding commitment to the
safety of our employees, contractors, and communities, and to the
reduction of our overall environmental footprint. Our values are
evident in the way we operate and in how we interact each day –
trust, teamwork, heart, and evolution are at the center of all we
do.
Cautionary Statements
This news release
contains certain forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and
Section 27A of the Securities Act of 1933, as amended. Statements
that do not relate strictly to historical or current facts are
forward-looking. Without limiting the generality of the foregoing,
forward-looking statements contained in this news release
specifically include statements regarding EQT's plans and expected
timing with respect to the Acquisition and the Offering.
The forward-looking statements included in this news release
involve risks and uncertainties that could cause actual results to
differ materially from projected results. Accordingly, investors
should not place undue reliance on forward-looking statements as a
prediction of actual results. EQT has based these forward-looking
statements on current expectations and assumptions about future
events, taking into account all information currently known by EQT.
While EQT considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks and
uncertainties, many of which are difficult to predict and beyond
EQT's control. These risks and uncertainties include, but are not
limited to, volatility of commodity prices; the costs and results
of drilling and operations; uncertainties about estimates of
reserves, identification of drilling locations and the ability to
add proved reserves in the future; the assumptions underlying
production forecasts; the quality of technical data; EQT's ability
to appropriately allocate capital and resources among its strategic
opportunities; access to and cost of capital; EQT's hedging and
other financial contracts; inherent hazards and risks normally
incidental to drilling for, producing, transporting and storing
natural gas, natural gas liquids (NGLs) and oil; cyber security
risks; availability and cost of drilling rigs, completion services,
equipment, supplies, personnel, oilfield services and water
required to execute EQT's exploration and development plans,
including as a result of the COVID-19 pandemic; risks associated
with operating primarily in the Appalachian Basin and obtaining a
substantial amount of EQT's midstream services from Equitrans
Midstream Corporation; the ability to obtain environmental and
other permits and the timing thereof; government regulation or
action, including regulations pertaining to methane and other
greenhouse gas emissions; negative public perception of the fossil
fuels industry; increased consumer demand for alternatives to
natural gas; environmental and weather risks, including the
possible impacts of climate change; and disruptions to EQT's
business due to acquisitions and other significant transactions.
These and other risks are described under Item 1A, "Risk Factors,"
and elsewhere in EQT's Annual Report on Form 10-K for the year
ended December 31, 2021 and other
documents EQT files from time to time with the Securities and
Exchange Commission. In addition, EQT may be subject to currently
unforeseen risks that may have a materially adverse impact on
it
Any forward-looking statement speaks only as of the date on
which such statement is made, and EQT does not intend to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE EQT Corporation (EQT-IR)