EQT Corporation (NYSE: EQT) announced today it has commenced a tender offer to purchase for cash any and all of its outstanding 4.875% Senior Notes due 2021.
The following table sets forth some of the terms of the Tender Offer:
| Title of Notes | CUSIP Number | Principal Amount Outstanding | Consideration(1)(2) |
| 4.875% Senior Notes due 2021 | 26884LAB5 | $245,393,000 | $1,032.50 |
| (1) Per $1,000 principal amount of Notes accepted for purchase. | |||
| (2) Does not include accrued interest, which will be paid in addition to the Consideration. | |||
The Tender Offer is being made upon and is subject to the terms and conditions set forth in the Offer to Purchase dated August 5, 2020 (the "Offer to Purchase") and the related Letter of Transmittal and Notice of Guaranteed Delivery (the "Tender Offer Documents"). The Tender Offer will expire at 5:00 p.m., New York City time, on August 11, 2020, unless extended or earlier terminated by the Company (such time as may be extended, the "Expiration Date").
Holders of Notes who validly tender (and do not validly withdraw) their Notes on or prior to the Expiration Date or pursuant to the guaranteed delivery procedures described in the Tender Offer Documents will be eligible to receive $1,032.50 per $1,000 principal amount of such tendered Notes. In addition, holders of Notes that are validly tendered and accepted for purchase will also receive accrued and unpaid interest to, but not including, the settlement date for the Tender Offer, which is currently expected to be August 12, 2020, the business day following the Expiration Date.
Tendered Notes may be withdrawn at any time prior to the earlier of (i) the Expiration Date and (ii) if the Tender Offer is extended, the 10th business day after commencement of the Tender Offer. Notes may also be validly withdrawn at any time after the 60th business day after commencement of the Tender Offer if for any reason the Tender Offer has not been consummated by that date.
The Company's obligation to accept for payment and to pay for the Notes validly tendered in the Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase. The Company reserves the right, subject to applicable law, to (i) waive any and all conditions to the Tender Offer, (ii) extend, terminate or withdraw the Tender Offer, or (iii) otherwise amend the Tender Offer in any respect. The Company will use cash on hand and, if needed, borrowings under its revolving credit facility, to purchase the Notes.
BofA Securities is acting as Dealer Manager for the Tender Offer. The Information Agent and Tender Agent is Global Bondholder Services Corporation.
This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
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.
