PITTSBURGH, Dec. 30, 2024 -- EQT Corporation (NYSE: EQT) (together with its subsidiaries, "EQT") announced today that it has closed on the formation and funding of its previously announced midstream joint venture ("JV") with an affiliate of Blackstone Credit & Insurance ("BXCI"; Blackstone (NYSE: BX)). EQT received $3.5 billion of cash consideration, net of certain transaction fees and expenses, from BXCI in exchange for a non-controlling common equity interest in the JV. EQT used the proceeds from this transaction to pay down its term loan and revolving credit facility and the bridge term loan facility that was used to fund the previously announced redemption and repurchase of certain senior notes of EQM Midstream Partners, LP, including pursuant to a tender offer, which expired and settled today.
Advisors
RBC Capital Markets, LLC acted as financial advisor to EQT. Kirkland & Ellis LLP served as EQT's legal counsel on the transaction.
Citi acted as financial advisor to Blackstone. Milbank LLP served as Blackstone's legal counsel on the transaction.
Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com
About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused 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. To learn more, visit eqt.com.
About Blackstone Credit & Insurance
Blackstone Credit & Insurance ("BXCI") is one of the world's leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.
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