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EQM Midstream to sell another $100M of preferred units for Appalachian pipe deal

EQM Midstream Partners LP agreed to sell another 2,050,440 of series A perpetual convertible preferred units, adding to its $1.10 billion sale of the same units to fund its $1.03 billion ownership acquisition of two Appalachian Basin natural gas gathering pipelines.

The newly issued series A units are priced at $48.77 apiece, which would yield additional gross proceeds of about $100 million. The preferred units would be sold to additional institutional investors and affiliates of Magnetar Financial LLC, according to a March 19 SEC filing.

EQM previously agreed to issue 22,554,851 series A preferred units, which were also priced at $48.77 per unit, to fund its acquisition of a 60% stake in Eureka Midstream Holdings LLC and full ownership of Hornet Midstream Holdings LLC from a fund managed by Morgan Stanley Infrastructure Partners. Eureka Midstream is a 190-mile gathering header pipeline system in Ohio and West Virginia, serving production at the Utica and Marcellus shales. Hornet Midstream is a 15-mile gathering system in West Virginia connected to the Eureka system.