Equitrans Midstream Corporation, EQM Midstream Partners, LP, and certain of their affiliates announced yesterday that they entered into a definitive agreement to exchange and eliminate EQM’s Incentive Distribution Rights (IDRs) and restructure the general partner interest in EQM.
Pursuant to the agreement, the IDRs and the non-economic portion of the general partner interest in EQM will be exchanged and cancelled for 80 million newly issued EQM common units and 7 million newly issued EQM Class B units, both representing limited partner interests in EQM, and ETRN’s retention of a non-economic general partner interest in EQM (IDR Elimination Transaction). The EQM Class B units are substantially identical to the EQM common units except that they will not be entitled to distributions until specified future dates.
The IDR Elimination Transaction is expected to close in February 2019, at which time ETRN will beneficially own approximately 60% of the limited partner interest in EQM.
Baker Botts L.L.P. represented ETRN in the transaction.
Read the article online at: https://www.worldpipelines.com/business-news/15022019/baker-botts-reps-equitrans-midstream-in-mlp-transaction/
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