Results of Early Participation in Exchange Offers and Consent Solicitations for EQM Midstream Partners, LP Notes

Core Viewpoint - EQT Corporation has announced early results of its Exchange Offers and Consent Solicitations for existing notes issued by EQM Midstream Partners, aiming to exchange up to $4.54 billion in new notes and cash while eliminating restrictive covenants in existing indentures [1][3][8]. Summary by Relevant Sections Exchange Offers and Consent Solicitation - The Exchange Offers allow Eligible Holders to exchange existing EQM Notes for new notes and cash, with a total principal amount of$4,541,839,000 available [1]. - The Consent Solicitation seeks to adopt proposed amendments to the indentures governing the existing notes, which would remove most restrictive covenants and certain events of default [1][8]. Early Tender Results - As of March 7, 2025, the Early Tender Date, significant amounts of various series of Existing EQM Notes have been validly tendered, including: - 7.500% Senior Notes due 2027: $495,821,000 (99.2$344,890,000 (38.3%) - 4.50% Senior Notes due 2029: $734,574,000 (98.9$596,535,000 (99.4%) [2]. Terms of Exchange - Eligible Holders who tender their Existing EQM Notes by the Early Tender Date will receive $1.00 in cash and$1,000 principal amount of New Notes for each $1,000 principal amount of Existing Notes [6]. - For tenders made after the Early Tender Date but before the Expiration Date, holders will receive$1.00 in cash and $950 principal amount of New Notes [6]. Concurrent Offers - EQM has initiated a Concurrent Tender Offer for its 6.500% Senior Notes due 2027, which allows holders to participate in both the Exchange Offer and the Concurrent Tender Offer [7]. - The consent threshold for the Proposed Amendments can be satisfied through tenders in either offer [7]. Proposed Amendments - As of the Early Tender Date, EQM has received sufficient consents to adopt the Proposed Amendments for all Existing EQM Notes except for the 5.500% Senior Notes due 2028 [8]. - A supplemental indenture will be executed to implement these amendments, becoming effective upon the exchange or purchase of validly tendered notes [8]. Eligibility and Agents - The Exchange Offers are available only to Eligible Holders, defined as qualified institutional buyers or non-U.S. persons [9]. - TD Securities (USA) LLC and J.P. Morgan Securities LLC are serving as Lead Dealer Managers for the Exchange Offers and Consent Solicitations [10].