UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Events.
On May 3, 2023, EQT Corporation (“EQT”) issued a news release announcing its commencement of a solicitation of consents (the “Consent Solicitation”) from holders of its outstanding 5.700% Senior Notes due 2028 (the “Notes”) to amend the indenture governing the Notes to extend the Outside Date (as defined below) for the special mandatory redemption provision from June 30, 2023 to December 29, 2023. In October 2022, the Notes were issued by EQT to partially fund the cash consideration for the pending acquisition (the “Acquisition”) by EQT and EQT Production Company (the “Buyer”) of THQ Appalachia I Midco, LLC and THQ-XcL Holdings I Midco, LLC from THQ Appalachia I, LLC (the “Upstream Seller”) and THQ-XcL Holdings I, LLC (the “Midstream Seller” and, together with the Upstream Seller, the “Sellers”). Under the indenture governing the Notes, EQT is required to redeem the outstanding Notes at a redemption price equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the date of such mandatory redemption if (i) the Acquisition is not consummated on or before June 30, 2023 (the “Outside Date”) or (ii) EQT notifies the trustee of the Notes that it will not pursue the consummation of the Acquisition.
The extension of the Outside Date from June 30, 2023 to December 29, 2023 would align such date with (i) the date on which the Buyer or the Sellers have the right to terminate the purchase agreement relating to the Acquisition and (ii) the termination date for lender commitments under EQT’s term loan credit agreement. The Acquisition is not conditioned upon the receipt of the requisite consents from the holders of the Notes to amend the Outside Date.
A copy of the news release announcing the Consent Solicitation is attached hereto as Exhibit 99.1 and incorporated by reference herein.
In addition, the following exhibits relating to the Acquisition or the Sellers are attached to this Current Report on Form 8-K and incorporated herein by reference:
| · | Exhibit 99.2: Audited consolidated financial statements of the Upstream Seller and subsidiaries as of December 31, 2022 and 2021 and for the years then ended, and the notes related thereto; |
| · | Exhibit 99.3: Audited consolidated financial statements of the Midstream Seller and subsidiaries as of December 31, 2022 and 2021 and for the years then ended, and the notes related thereto; |
| · | Exhibit 99.4: Preliminary unaudited pro forma condensed combined balance sheet of EQT and subsidiaries as of December 31, 2022 and preliminary unaudited pro forma condensed combined statements of operations of EQT and subsidiaries for the year ended December 31, 2022, and the notes related thereto; and |
| · | Exhibit 99.5: Audit report prepared by Cawley, Gillespie & Associates, Inc., independent petroleum engineers, relating to the Upstream Seller’s estimated quantities of its proved natural gas, natural gas liquids and crude oil reserves as of December 31, 2022. |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EQT CORPORATION | ||
| Date: May 3, 2023 | By: | /s/ David M. Khani |
| Name: | David M. Khani | |
| Title: | Chief Financial Officer | |