EQT Midstream Partners’ $2.5 Billion Senior Notes Offering

Baker Botts advised EQT Midstream Partners on the transaction

EQT Midstream Partners, LP (NYSE: EQM) (EQM) announced on June 20, 2018, that it priced an offering of $2.5 billion in aggregate principal amount of senior notes, consisting of $1.1 billion in aggregate principal amount of its 4.75% senior notes due 2023, $850 million in aggregate principal amount of its 5.5% senior notes due 2028, and $550 million in aggregate principal amount of its 6.5% senior notes due 2048, at prices to the public of 99.761%, 99.538%, and 99.055% of their face value, respectively. EQM expects the offering to close on June 25, 2018, subject to the satisfaction of customary closing conditions.

EQM intends to use the net proceeds from the offering to repay the amounts outstanding under its 364-day term loan facility and for general partnership purposes. In addition, if the proposed merger between EQM and Rice Midstream Partners LP (NYSE: RMP) (RMP) is consummated, EQM intends to use a part of the net proceeds from the offering to repay the amounts outstanding under RMP’s revolving credit facility.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., PNC Capital Markets LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, and U.S. Bancorp Investments, Inc. are acting as joint book-running managers for the offering. SMBC Nikko Securities America, Inc., Citizens Capital Markets, Inc., The Huntington Investment Company, and CIBC World Markets Corp. are acting as co-managers for the offering.

Baker Botts advised EQM with a team including Mollie Duckworth (Picture, Austin); Josh Davidson (Partner, Houston); Jennifer Wu (Associate, Austin); Leah Davis (Capital Markets) Jon Finelli (Special Counsel, Finance), Mike Bresson (Partner, Houston); Jared Meier (Tax), Matt Kuryla (Partner, Houston); Laura Williams (Environmental), Chris Wilson (Partner, Houston); Nina Culotta (Real Estate) Brooksany Barrowes (Partner, Washington D.C.); Kyle Henne (Compliance & Regulatory)

 

Involved fees earner: Mollie Duckworth – Baker Botts; Joshua Davidson – Baker Botts; Jennifer Wu – Baker Botts; Leah Davis Patrick – Baker Botts; Jon Finelli – Baker Botts; Michael Bresson – Baker Botts; Jared Meier – Baker Botts; Chris Wilson – Baker Botts; Nina Culotta – Baker Botts; Brooksany Barrowes – Baker Botts; Kyle Henne – Baker Botts; Matthew Kuryla – Baker Botts; Laura Williams – Baker Botts;

Law Firms: Baker Botts;

Clients: EQT Midstream Partners LP;