EQT Corp. on Jan. 21 closed its offering of $1.75 billion senior notes, with proceeds to be used to pay down debt.
The offering is composed of $1.0 billion of 6.125% senior notes due 2025 and $750 million of 7.000% senior notes due 2030. Interest on both senior notes is payable semi-annually on Feb. 1 and Aug. 1 of each year, beginning Aug. 1 this year, according to a Jan. 21 SEC filing.
EQT, the largest gas producer by volume in the U.S., plans to use the proceeds to repay or redeem all outstanding floating-rate notes due 2020 and 2.500% senior notes due 2020. The rest of the proceeds would be used to repay or redeem other debt and securities, including its outstanding 4.875% senior notes due 2021.
BofA Securities Inc. and J.P. Morgan Securities LLC acted as joint book-running managers for the offering.