EQT Issues $1B in New Debt to Generate Cash for Tug Hill Deal
Earlier this month EQT Corporation announced it is buying Tug Hill Operating's West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds 90,000 acres and 800 MMcf/d (million cubic feet per day) of production to EQT's existing, massive, portfolio. How will EQT go about paying for it? Part of the money, $1 billion of it, will come from a new round of "notes" (IOUs) EQT announced yesterday...
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