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EQT Midstream Partners, LP (NYSE:EQM) Files An 8-K Entry into a Material Definitive Agreement

EQT Midstream Partners, LP (NYSE:EQM) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.

On July31, 2017, EQT Midstream Partners, LP (EQM) amended and restated its existing unsecured $750,000,000 Revolving Credit Agreement, dated as of February18, 2014, among EQM, Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders and agents parties thereto, to that certain Second Amended and Restated Credit Agreement, dated as of July31, 2017 (the Second Amended and Restated Credit Agreement), among EQM, Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders (the Lenders) and agents parties thereto.

Under the Second Amended and Restated Credit Agreement, EQM may obtain loans in an aggregate principal amount not to exceed $1,000,000,000 outstanding at any time.

The Second Amended and Restated Credit Agreement matures on July31, 2022 (the Stated Maturity Date). The Second Amended and Restated Credit Agreement has an accordion feature that allows EQM to increase the available revolving commitments under the facility by up to an additional $500,000,000, subject to satisfaction of certain conditions.

Under the terms of the Second Amended and Restated Credit Agreement, EQM can obtain Base Rate Loans (as defined in the Second Amended and Restated Credit Agreement) or Fixed Period Eurodollar Rate Loans (as defined in the Second Amended and Restated Credit Agreement) (Eurodollar Rate Loans). Base Rate Loans are denominated in dollars and bear interest at a base rate plus a margin determined on the basis of EQM’s then current credit rating. Eurodollar Rate Loans bear interest at a Eurodollar Rate (as defined in the Second Amended and Restated Credit Agreement) plus a margin determined on the basis of EQM’s then current credit rating. EQM is obligated to repay the aggregate principal amount of any outstanding Base Rate Loans or Eurodollar Rate Loans on the earlier of the Stated Maturity Date or the effective date of any other termination, cancellation or acceleration of the Lenders’ commitments under the Second Amended and Restated Credit Agreement. EQM may voluntarily prepay its borrowings, in whole or in part, without premium or penalty, but subject to reimbursement of funding losses with respect to prepayment of Eurodollar Rate Loans.

The proceeds of the loans made under the Second Amended and Restated Credit Agreement may be used by EQM for working capital, capital expenditures, dividends, unit repurchases, and other lawful corporate purposes (including purchasing assets from EQT Corporation and its subsidiaries).

The Second Amended and Restated Credit Agreement contains certain representations and warranties and various affirmative and negative covenants and events of default, including (i)a restriction on the ability of EQM or its subsidiaries to incur or permit liens on assets, (ii)the establishment of a maximum consolidated leverage ratio of not more than 5.00 to 1.00 (or not more than 5.50 to 1.00 for certain measurement periods following the consummation of certain acquisitions), (iii)a limitation on certain changes to EQM’s business, (iv)certain restrictions related to mergers or acquisitions, (v)a restriction on the ability of EQM or its subsidiaries on making dispositions of all or substantially all of the assets of EQM or its subsidiaries; and (vi)a restriction on the ability of EQM or its subsidiaries to incur new debt, in each case subject to certain significant exceptions.

The foregoing description of the Second Amended and Restated Credit Agreement does not purport to be a complete statement of the parties’ rights and obligations under the Second Amended and Restated Credit Agreement and the transactions contemplated by the Second Amended and Restated Credit Agreement and is qualified in its entirety by reference to the full text of the Second Amended and Restated Credit Agreement, which is filed as Exhibit10.1 to this Current Report on Form8-K and incorporated in this Item 1.01 by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above is incorporated by reference in its entirety.

Item 9.01. Financial Statements and Exhibits.

(d). Exhibits.

EXHIBIT NUMBER

DESCRIPTION

10.1

Second Amended and Restated Credit Agreement, dated as of July31, 2017, by and among EQT Midstream Partners, LP, Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders party thereto.

EQT Midstream Partners, LP ExhibitEX-10.1 2 a17-18793_1ex10d1.htm EX-10.1 Exhibit 10.1   EXECUTION VERSION       CUSIP Number: 26885CAE8 Revolving Credit Facility CUSIP Number: 26885CAF5     $1,…To view the full exhibit click here
About EQT Midstream Partners, LP (NYSE:EQM)
EQT Midstream Partners, LP (EQM) owns, operates, acquires and develops midstream assets in the Appalachian Basin. The Company operates through two segments: Transmission and storage, which includes its Federal Energy Regulatory Commission (FERC)-regulated interstate pipeline and storage business, and Gathering, which includes high pressure gathering lines and the FERC-regulated low pressure gathering system. It provides midstream services to EQT Corporation (EQT) and multiple third parties across 20 counties in Pennsylvania and West Virginia through its approximately two assets, such as the transmission and storage system, which serves as a header system transmission pipeline, and the gathering system, which delivers natural gas from wells and other receipt points to transmission pipelines. The Company provides transmission and storage services in over two manners, such as firm service and interruptible service.

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