CANONSBURG, Pa.--(BUSINESS WIRE)--Equitrans Midstream Corporation (NYSE: ETRN) today announced that its wholly owned subsidiary, EQM Midstream Partners, LP (EQM), has priced an upsized offering of $800 million in aggregate principal amount of its 4.50% senior notes due 2029; and $1,100 million in aggregate principal amount of its 4.75% senior notes due 2031 (collectively, Notes). This represents an increase of $150 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 repay outstanding term loan borrowings, to purchase a portion of its outstanding indebtedness in the Tender Offers (as defined below), and for general partnership purposes. In the event the Tender Offers are not consummated, or the net proceeds from the offering are otherwise in excess of the amount needed to fund the Tender Offers, EQM intends to use any remaining proceeds to repay certain of its outstanding indebtedness, including borrowings under its $3 billion credit facility, or to prefund capital expenditures and/or capital contributions to Mountain Valley Pipeline, LLC. Subject to the satisfaction of customary closing conditions, the offering is expected to close on January 8, 2021.

On January 4, 2021, EQM also commenced tender offers (the Tender Offers) to purchase up to $350 million in aggregate principal amount of its outstanding 4.750% senior notes due 2023 and 4.000% senior notes due 2024 (collectively, Target Notes). The terms and conditions of the Tender Offers are set forth in EQM’s Offer to Purchase, dated January 4, 2021. In connection with the upsized offering of the Notes, ETRN hereby announces that EQM has amended the terms of the Tender Offers to increase the maximum aggregate principal amount of Target Notes it is offering to purchase in the Tender Offers from $350 million to $500 million. Except as described in this news release, all other terms of the Tender Offers remain unchanged.