EQT Midstream Partners LP (NYSE: EQM), an EQT Corp. company (NYSE: EQT), priced the underwritten public offering of 11 million common units at US $43.50 per unit.
The partnership also intends to grant the underwriters a 30-day option to purchase up to some 1.7 million additional units.
Net proceeds will be used to fund a portion of the cash distribution to be made to EQT Corp. in connection with the partnership’s acquisition of Sunrise Pipeline LLC.
Net proceeds from the underwriters’ exercise of their option to purchase additional common units, if any, including any proportionate capital contribution from the partnership’s general partner to maintain its 2% general partner interest in the partnership, will be used for general partnership purposes.
Citigroup, Barclays, BofA Merrill Lynch, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, RBC Capital Markets, and Wells Fargo Securities are joint book-running managers. PNC Capital Markets LLC, Mitsubishi UFJ Securities, SunTrust Robinson Humphrey, The Huntington Investment Co., and Global Hunter Securities are co-managers.
EQT Midstream Partners LP provides natural gas transmission, storage, and gathering services in Pennsylvania and West Virginia. The company is based in Pittsburgh.
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