EQT Midstream Partners LP (NYSE: EQM), an EQT Corp. company, has begun an underwritten public offering of 8,250,000 common units representing limited partner interests. EQT Midstream Partners LP (Partnership) also intends to grant the underwriters a 30-day option to purchase up to an additional 1,237,500 common units.
The Partnership intends to use the net proceeds from the offering to fund a portion of the purchase price for the acquisition of the Northern West Virginia Marcellus Gathering System and a preferred interest in an EQT subsidiary.
The Partnership intends to use the net proceeds from the underwriters’ exercise of their option to purchase additional common units, if any, including any proportionate capital contribution from the Partnership’s general partner to maintain its 2% general partner interest in the Partnership, for general partnership purposes.
Wells Fargo Securities and JP Morgan are acting as joint book-running managers for the offering. Barclays, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., and RBC Capital Markets are also acting as joint book-running managers for the offering.