EQT Corporation (NYSE: EQT) announced today that it has amended the terms of its previously announced tender offer to purchase for cash up to an amended Maximum Tender Amount of its 4.875% Senior Notes due 2021 and 3.000% Senior Notes due 2022. The Company also announced today the early results of the Tender Offer.
The Company has amended the Tender Offer to (i) increase the combined aggregate principal amount of Notes subject to the Tender Offer (the "Maximum Tender Amount") from $150,000,000 to $200,000,000 and (ii) limit the aggregate principal amount of 2022 Notes that may be accepted for purchase in the Tender Offer to $181,177,000 (the "2022 Notes Tender Cap"). All other terms of the Tender Offer remain unchanged.
Subject to the Maximum Tender Amount and the 2022 Notes Tender Cap, the amounts of each series of Notes to be purchased are being determined in accordance with the acceptance priority levels specified in the table below and on the cover page of the Offer to Purchase, dated October 30, 2020 (the "Offer to Purchase"), in the column entitled "Acceptance Priority Level" (the "Acceptance Priority Level"), with "1" having a higher Acceptance Priority Level than "2."
The principal amount of each series of Notes that were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on November 13, 2020 (the "Early Tender Date") and the principal amount of each series of Notes that will be accepted for purchase by the Company on the Early Settlement Date (as defined below) are specified in the table below. Because the aggregate principal amount of 2022 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date exceeded the 2022 Notes Tender Cap, the Company will accept the 2022 Notes for purchase on a pro rata basis based on the proration factor described in the Offer to Purchase. Withdrawal rights for the Tender Offer expired at 5:00 p.m., New York City time, on November 13, 2020. As a result, tendered Notes may no longer be withdrawn.
Payment for Notes accepted for purchase is expected to be made on November 17, 2020 (the "Early Settlement 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.
Although the Tender Offer is scheduled to expire at 11:59 p.m., New York City time, on November 30, 2020, because holders of Notes validly tendered and did not validly withdraw Notes on or before the Early Tender Date in an amount that exceeds the Maximum Tender Amount, the Company does not expect to accept for purchase any tenders of Notes after the Early Tender Date. 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, (iii) increase or decrease the Maximum Tender Amount or the 2022 Notes Tender Cap, or (iv) otherwise amend the Tender Offer in any respect.
BofA Securities is acting as Dealer Manager for the Tender Offer. The Information Agent and Tender Agent is Global Bondholder Services Corporation.
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.
