- EQT GP Holdings (NYSE:EQGP) prices its upsized 23M-unit IPO at $27/unit, above the $21-24 expected price range, raising $621M in total gross proceeds.
- EQGP is a limited partnership formed in January to own partnership interests in EQT Midstream Partners (EQM); upon completion of the offering, EQGP will own 30.2% of the outstanding LP interests in EQM, a 2% general partner interest in EQM and all of the incentive distribution rights in EQM.
- Public ownership will represent an 8.6% LP interest in EQGP, or 9.9% if the underwriters exercise their overallotment option in full; EQT Corp. (EQT) will hold a 91.4% LP interest and a non-economic general partner interest in EQGP, or 90.1% if the underwriters exercise their overallotment option in full.
- EQGP expects to pay an annualized distribution at an initial rate of $0.367, or an annual dividend yield of 1.6%, assuming the mid-point of the expected pricing range.