EQT increases tender offer cap to $1.4 billion for senior notes

EQT Corporation (NYSE: EQT) increased the maximum purchase amount for its tender offer to buy back certain senior notes from $1.15 billion to $1.4 billion, the Pittsburgh-based natural gas company announced March 24.

The company also raised the purchase limit for three specific note series - 6.375% Senior Notes due 2029, 4.50% Senior Notes due 2029, and 5.00% Senior Notes due 2029 - from $750 million to $1.0 billion combined.

EQT reported strong early participation in the tender offer, with notes totaling approximately $4.38 billion in principal amount validly tendered by the March 23 early tender deadline. The tender rates ranged from 65.5% to 96.0% across the eight series of notes included in the offer.

The highest participation came from the 4.50% Senior Notes due 2029, with 96.0% of outstanding notes tendered, totaling $705.3 million. The 6.375% Senior Notes due 2029 saw 91.8% participation at $547.7 million, while the 7.500% Senior Notes due 2030 had 91.5% participation at $452.3 million.

Because total tenders exceeded the aggregate purchase cap, EQT will accept notes based on acceptance priority procedures and proration methods outlined in its offer documents. The company does not expect to accept additional tenders after the early deadline.

Payment for accepted notes is expected March 26. Citigroup Global Markets Inc. and BofA Securities, Inc. are serving as lead dealer managers for the transaction.

The tender offer covers eight series of notes with maturity dates ranging from 2027 to 2031 and interest rates from 3.625% to 7.500%. All other terms and conditions of the original tender offer announced March 10 remain unchanged.

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