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EQT Corporation (NYSE:EQT), a prominent player in the crude petroleum and natural gas sector with a market capitalization of $31.4 billion and annual revenue of $5.04 billion, has successfully amended the indentures related to the notes issued by its indirect wholly owned subsidiary, EQM Midstream Partners, LP. According to InvestingPro data, the company has demonstrated strong financial momentum with a 55% return over the past six months. The amendments, which took effect on Tuesday, March 12, 2025, were adopted following the acquisition of the required consents from the note holders as of March 7, 2025.
The supplemental indentures, which modify the terms of the notes, were executed with the trustees of EQM’s outstanding notes, except for EQM’s 5.500% Senior Notes due 2028. These changes eliminate a majority of the restrictive covenants, certain default conditions, and other provisions from the indentures.
Notably, the amendments will remove the reporting covenant, limitations on liens, sale-leaseback transaction restrictions, and certain requirements for an offer to repurchase notes upon a change of control. Furthermore, a failure to comply with non-payment related covenants or agreements will no longer trigger an event of default.
These modifications are contingent upon the completion of EQM’s ongoing cash tender offer for its 6.500% Senior Notes due 2027 and EQT’s concurrent private exchange offers for all existing EQM notes. These offers are set to expire on March 24, 2025, and the amendments will become operative upon the successful purchase or exchange of the notes tendered.
The supplemental indentures will bind all holders of the affected notes, even those who did not tender their notes in the offers, with the exception of the holders of the 5.500% Senior Notes due 2028.
This strategic move aligns with EQT (ST:EQTAB)’s broader financial operations and is based on the company’s SEC filing. It is important to note that the tender and exchange offers are subject to specific terms and conditions detailed in the Offer to Purchase and Consent Solicitation Statement and the Offering Memorandum and Consent Solicitation Statement, both dated February 24, 2025.
EQT Corporation, headquartered in Pittsburgh, Pennsylvania, has not disclosed any further details regarding the financial impact or strategic implications of these amendments. The company’s stock is traded on the New York Stock Exchange under the symbol EQT and is currently trading near its 52-week high of $56.66. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading above its intrinsic value, with 13 additional exclusive ProTips available to subscribers.
In other recent news, EQT Corporation has disclosed a preliminary loss of $184 million on derivatives for the quarter ending December 31, 2024, according to a recent SEC filing. The company also reported net cash settlements received on derivatives totaling $181 million for the same period. Additionally, EQT has unveiled its 2025 Short-Term Incentive Plan, aimed at aligning executive and employee interests with shareholder and strategic goals. The plan introduces updated performance measures, including metrics such as free cash flow per share and natural gas production.
In leadership news, EQT has appointed Thomas F. Karam as the new independent Board Chair, following the retirement of several board members. This move is part of EQT’s efforts to enhance corporate governance. Meanwhile, JPMorgan has maintained its Overweight rating on EQT, raising the price target to $53.00, citing strong operational performance and anticipated capital expenditure reductions.
In related developments, Deutsche Bank (ETR:DBKGn) upgraded CVC Capital Partners (WA:CPAP)’ stock rating from Hold to Buy, increasing the price target to €22.50. The upgrade reflects confidence in CVC Capital’s management fee-related earnings and the firm’s ability to navigate the current economic landscape.
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