EQT Midstream Partners, LP, a Delaware limited partnership and an EQT Corp. (EQT: Quote) company, announced that it has priced its initial public offering of 12.50 million common units representing limited partner interests at $21.00 per common unit.
The underwriters have been granted a 30-day option to purchase up to an additional 1.88 million common units at the IPO price, less underwriting discounts to cover allotments, if any. The common units of the Partnership will begin trading on June 27, 2012 on the New York Stock Exchange, under the symbol EQM. The offering will close on July 2, 2012, subject to customary closing conditions.
Upon conclusion of the offering, the public ownership will represent a 35.3% limited partner interest in the Partnership, or 40.6% limited partner interest if the underwriters exercise their over-allotment option in full. EQT Corporation will hold the 2% general partner interest and a 62.7% limited partner interest in the Partnership, or 57.4% if the underwriters exercise their over-allotment option in full.
The net proceeds from any exercise of the underwriters' option to purchase additional common units will be distributed to EQT Corporation.
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by RTT Staff Writer
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