EQT Finalizes $3.5 Billion Midstream JV with Blackstone Credit
1/1/2025
(P&GJ) — EQT Corp. has completed the formation and funding of its midstream joint venture (JV) with Blackstone Credit & Insurance (BXCI), the company announced.
As part of the deal, EQT received $3.5 billion in cash, net of transaction fees and expenses, in exchange for a non-controlling common equity stake in the JV.
The company used the proceeds to pay down its term loan, revolving credit facility, and a bridge term loan that funded the recent redemption and repurchase of senior notes for EQM Midstream Partners, LP. The tender offer for the notes expired and settled earlier today.
This transaction strengthens EQT’s financial position and advances its strategic goals in the midstream sector.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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