On June 7, 2022, EQM Midstream Partners, LP completed its previously announced private offering of $500 million aggregate principal amount of new 7.500% senior notes due 2027 (the 2027 Notes) and $500 million aggregate principal amount of new 7.500% senior notes due 2030. The Notes were issued under and are governed by an indenture, dated June 7, 2022 (the Indenture), between EQM and U.S. Bank Trust Company, National Association, as trustee (the Trustee). The Indenture contains covenants that limit EQM's ability to, among other things, incur certain liens securing indebtedness, engage in certain sale and leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of EQM's assets.

The 2027 Notes will mature on June 1, 2027 and interest on the 2027 Notes is payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2022. The 2030 Notes will mature on June 1, 2030 and interest on the 2030 Notes is payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2022. The Notes are unsecured and rank equally with all of EQM's existing and future senior obligations.

The Notes are senior in right of payment to any of EQM's future obligations that are, by their terms, expressly subordinated in right of payment to the Notes. The Notes are effectively subordinated to EQM's secured obligations, if any, to the extent of the value of the collateral securing such obligations, and structurally subordinated to all indebtedness and obligations, including trade payables, of EQM's subsidiaries, other than any subsidiaries that may guarantee the Notes in the future. EQM may, at its option, redeem some or all of the 2027 Notes and the 2030 Notes, in whole or in part, at any time prior to their maturity at the applicable redemption price as set out in the Indenture.