The Firm recently represented the initial purchasers, led by J.P. Morgan, BofA Securities, TD Securities and others, in connection with a Rule 144A and Reg S offering of $700 million aggregate principal amount of 6% Senior Notes due 2025 and $900 million aggregate principal amount of 6.5% Senior Notes due 2027 (collectively, the “Notes”) by EQM Midstream Partners, LP (“EQM”), a subsidiary of Equitrans Midstream Corporation. EQM intends to use the net proceeds from the offering to partially repay outstanding borrowings under its $3 billion revolving credit facility and for general partnership purposes.
EQM is a growth-oriented limited partnership formed to own, operate, acquire and develop midstream assets in the Appalachian Basin. EQM provides midstream services to producers, utilities and other customers through its strategically located natural gas transmission, storage and gathering systems, and water services to support energy development and production in the Marcellus and Utica regions. EQM owns approximately 950 miles of FERC-regulated interstate pipelines and also owns and/or operates approximately 1,900 miles of high- and low-pressure gathering lines.
The Simpson Thacher team included Art Robinson, Brian E. Rosenzweig, Lisa Zhang and Richard Ragusa (Capital Markets); Nancy L. Mehlman and Suzy Yaster (Tax); Mike Isby and Timothy J. Mulvihill (Environmental); Jennifer A. Neilsson (Executive Compensation and Employee Benefits); Melanie Jolson (Intellectual Property); Andrew J. Pagliughi (Blue Sky); and Brad T. Honeycutt (M&A).