EQT closed on the formation and funding of its previously-announced midstream joint venture with an affiliate of Blackstone Credit & Insurance.
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 joint venture. 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, including pursuant to a tender offer, which expired and settled.
RBC Capital Markets acted as financial advisor to EQT. Kirkland & Ellis served as EQT’s legal counsel on the transaction. Citi acted as financial advisor to Blackstone. Milbank served as Blackstone’s legal counsel on the transaction.
