EQT Corp. on Feb. 12 launched a cash tender offer to repurchase bonds as the shale gas producer looks for ways to lower its debt after revealing an expected billion-dollar impairment charge last month.
In a news release, the Pittsburgh-based company said it plans to purchase for cash up to $400 million of its senior notes due 2021. The tender offer will expire March 16.
In January, EQT unveiled it expected to take a non-cash impairment charge of up to $1.8 billion in the fourth quarter, as it writes down the value of some assets due to lower commodity prices. The company added in the filing plans to cut debt by about 30%, or about $1.5 billion.
EQT has operations in the Appalachian Basin throughout Pennsylvania, West Virginia and Ohio.
BofA Securities is the dealer manager for the debt tender offer. The information and tender agent is Global Bondholder Services Corp.
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