Simpson Thacher Advises on EQM Midstream Partners’ Offering of $1.9 Billion of Senior Notes and Related Cash Tender Offer
01.29.21
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The Firm recently represented the initial purchasers in connection with a Rule 144A and Reg S offering of $800 million aggregate principal amount of 4.5% Senior Notes due 2029 and $1.1 billion aggregate principal amount of 4.75% Senior Notes due 2031 by EQM Midstream Partners, LP (“EQM”), a wholly owned subsidiary of Equitrans Midstream Corporation (“ETRN”). EQM used the proceeds together with cash on hand to repay all outstanding borrowings under its term loan credit agreement, to fund a cash tender offer for a portion of its outstanding senior notes and for general partnership purposes. The Firm also represented the dealer managers in connection with the cash tender offer.
ETRN has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM, is one of the largest natural gas gatherers in the United States. Through its strategically located assets in the Marcellus and Utica regions, ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Appalachian Basin.
The Simpson Thacher team included Brian E. Rosenzweig, Richard Ragusa, Maggie Selbe and Braxton Pitts (Capital Markets); Mike Isby and Timothy J. Mulvihill (Environmental); Nancy L. Mehlman and Suzy Yaster (Tax); Jennifer A. Neilsson and Richard Z. Malek (Executive Compensation and Employee Benefits); Melanie Jolson (Intellectual Property); and Andrew J. Pagliughi (Blue Sky).