Equitrans Midstream to eliminate IDRs

|About: EQM Midstream Partners, LP (EQM)|By:, SA News Editor

Equitrans Midstream (NYSE:ETRN) and EQM Midstream Partners (NYSE:EQM) say they will exchange and eliminate the EQM incentive distribution rights and restructure the economic general partner interest in EQM.

The agreement exchanges the IDRs for 80M newly issued EQM common units and 7M newly issued EQM Class B units, both representing limited partner interests in EQM, and provides ETRN a non-economic general partner interest in EQM.

“The elimination of the IDRs is another step in removing the financial complexity in our structure and fully aligns ETRN and EQM moving forward,” says Thomas Karam, CEO of the two companies.

Subscribe for full text news in your inbox