EQM Announces Upsizing and Pricing of Private Offering of Senior Notes
June 16 2020 - 4:30PM
Business Wire
EQM Midstream Partners, LP (NYSE: EQM), a subsidiary of
Equitrans Midstream Corporation (NYSE: ETRN), today, announced that
it has priced an upsized offering of $700.00 million in aggregate
principal amount of its 6.000% senior notes due 2025; and $900.00
million in aggregate principal amount of its 6.500% senior notes
due 2027 (collectively, Notes). This represents an increase of
$800.00 million in the combined aggregate principal amount of the
Notes from the previously announced amount. EQM intends to use the
net proceeds from the offering of the Notes to partially repay
outstanding borrowings under its $3 billion revolving credit
facility and for general partnership purposes. Subject to the
satisfaction of customary closing conditions, the offering is
expected to close on June 18, 2020.
The offering of the Notes has not been registered under the
Securities Act of 1933, as amended (Securities Act), or any state
securities laws and, unless so registered, the Notes may not be
offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The Notes are being offered only to persons
reasonably believed to be qualified institutional buyers pursuant
to Rule 144A under the Securities Act and to non-U.S. persons in
transactions outside the United States pursuant to Regulation S
under the Securities Act.
This news release is neither an offer to sell nor a solicitation
of an offer to buy the Notes or any other securities and shall not
constitute an offer to sell or a solicitation of an offer to buy,
or a sale of, the Notes or any other securities in any jurisdiction
in which such offer, solicitation or sale is unlawful.
Cautionary Statement Regarding Forward-Looking
Information
Disclosures in this news release contain 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. Statements that do not relate strictly to historical or
current facts are forward-looking. Words such as “could,” “will,”
“may,” “assume,” “forecast,” “position,” “predict,” “strategy,”
“expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,”
“project,” “budget,” “potential,” or “continue,” and similar
expressions are used to identify forward-looking statements.
Without limiting the generality of the foregoing, forward-looking
statements contained in this news release specifically include
statements relating to the anticipated closing of the offering and
the use of proceeds therefrom. These statements 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. ETRN
and EQM have based these forward-looking statements on current
expectations and assumptions about future events. While ETRN and
EQM consider 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 ETRN’s and EQM’s control.
The risks and uncertainties that may affect the operations,
performance and results of ETRN’s and EQM’s business and
forward-looking statements include, but are not limited to, those
set forth in ETRN’s and EQM’s publicly filed reports with the
Securities and Exchange Commission (the SEC), including those set
forth under Item 1A, “Risk Factors” of ETRN’s Annual Report on Form
10-K for the year ended December 31, 2019, as may have been or may
be updated by Part II, Item 1A, "Risk Factors," of ETRN’s
subsequent Quarterly Reports on Form 10-Q filed with the SEC, and
those set forth under Item 1A, “Risk Factors” of EQM’s Annual
Report on Form 10-K for the year ended December 31, 2019 and under
Part II, Item 1A, "Risk Factors," of EQM’s Quarterly Report on Form
10-Q for the three months ended March 31, 2020 filed with the SEC
on May 14, 2020, and as may be updated by Part II, Item 1A, “Risk
Factors,” of EQM’s subsequent Quarterly Reports on Form 10-Q filed
with the SEC.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time. ETRN
and EQM assume no obligation to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements were made or to reflect the occurrence
of unanticipated events except as required by federal securities
laws. As forward-looking statements involve significant risks and
uncertainties, caution should be exercised against placing undue
reliance on such statements.
Source: Equitrans Midstream Corporation
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version on businesswire.com: https://www.businesswire.com/news/home/20200616005996/en/
Analyst/Investor inquiries: Nate Tetlow — Vice President,
Corporate Development and Investor Relations
ntetlow@equitransmidstream.com Media inquiries: Natalie A.
Cox — Communications and Corporate Affairs
ncox@equitransmidstream.com
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