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EQM Midstream secures $1.4B term loan

EQM Midstream Partners LP on Aug. 16 entered into a three-year, $1.40 billion unsecured term loan facility with Toronto Dominion (Texas) LLC acting as the administrative agent.

The agreement also allows EQM to request incremental term loans of up to $300 million, subject to obtaining additional commitments from current and new lenders and other specified conditions.

Unless extended, the initial term loans under the agreement would mature on Aug. 16, 2022.

The midstream services provider may use the proceeds from the initial term loans to pay for expenses connected to the term loan agreement; fund working capital, capital expenditures, distributions, unit repurchases, investments, acquisitions and capital contributions; for debt repayment; and other partnership purposes.