ETRN and EQM announce completion of merger and restructuring transactions
Published by Aimee Knight,
Editorial Assistant
World Pipelines,
Equitrans Midstream Corporation and EQM Midstream Partners, LP (EQM) have announced that ETRN has completed the acquisition of all of the outstanding common units representing limited partner interests in EQM (EQM common units) that it did not already own. As a result of the transaction, EQM common units have been suspended from trading on the New York Stock Exchange.
In addition, ETRN and EQM announced that EQM has completed the redemption of US$600 million aggregate principal amount of outstanding EQM Series A Perpetual Convertible Preferred Units and that all remaining EQM Series A Perpetual Convertible Preferred Units were exchanged for ETRN Series A Perpetual Convertible Preferred Shares.
“In late 2018, we began our corporate simplification immediately following our launch as a standalone midstream company, and today, Equitrans Midstream emerges as a single C-Corp structure with strong, clear corporate governance and a broader investor base,” stated Thomas F. Karam, chairman and chief executive officer.
“Equitrans is built to be resilient in any environment, highlighted by our long-term firm contracts and our ability to generate significant free cash flow. We are committed to efficiently deploying capital to create and deliver greater value to shareholders, as well as to being among the leading ESG companies in the midstream sector.”
Read the article online at: https://www.worldpipelines.com/business-news/17062020/etrn-and-eqm-announce-completion-of-merger-and-restructuring-transactions/
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