8-KOther EventsExhibits & Filings

EQT Corp 8-K Report, Corporate Update (Jul 23, 2018)

Filed July 23, 2018For Securities:EQT

Summary

This 8-K filing from EQT Corporation (EQT) on July 23, 2018, announces the completion of its subsidiary EQT Midstream Partners, LP's (EQM) acquisition of another subsidiary, Rice Midstream Partners LP (RMP). This strategic move consolidates midstream assets under EQM, streamlining operations and potentially enhancing value for EQT shareholders. Investors should note the specific exchange ratio for RMP common units into EQM common units, indicating the terms of the transaction. The filing also confirms the repayment of RMP's outstanding debt, signaling a cleaner balance sheet for the combined entity. EQT's ownership stake in EQM post-transaction is also detailed, providing clarity on the parent company's continued involvement and control.

Key Highlights

  • 1EQT Corporation's subsidiary, EQT Midstream Partners, LP (EQM), has successfully acquired Rice Midstream Partners LP (RMP).
  • 2The acquisition was completed on July 23, 2018, pursuant to an Agreement and Plan of Merger dated April 25, 2018.
  • 3Each RMP common unit was exchanged for 0.3319 EQM common units, with approximately 34 million EQM units issued in total.
  • 4RMP's outstanding debt under its Credit Agreement has been fully repaid and the agreement terminated.
  • 5This transaction consolidates midstream assets, streamlining EQT's operational structure.
  • 6EQT's ownership in EQM post-merger includes a 12.7% limited partner interest and a 17.9% limited partner interest (held by EQT GP Holdings, LP), plus all incentive distribution rights.

Frequently Asked Questions

This filing reports the completion of the acquisition of Rice Midstream Partners LP (RMP) by EQT Midstream Partners, LP (EQM), both subsidiaries of EQT Corporation (EQT). The goal is to consolidate EQT's midstream assets under a single entity, EQM.

RMP common unitholders will receive 0.3319 shares of EQM common units for each RMP common unit they held at the time of the merger.

The acquisition streamlines EQT's midstream operations and consolidates assets. RMP's debt has been repaid, simplifying the capital structure of the combined entity. EQT maintains significant ownership in the consolidated entity, EQM, indicating continued strategic involvement.

Post-merger, EQT Corporation holds a 12.7% limited partner interest in EQM. Additionally, EQT GP Holdings, LP, holds a 1.2% general partner interest and a 17.9% limited partner interest in EQM, along with all of EQM's incentive distribution rights.