Each one in plain English, with the numbers worked through for a shareholder.
10 Oct 2017substantial holder notice● Neutral
Rice Energy Holdings LLC, Rice Energy, Andrew L. Share, Daniel J. Rice III, Daniel J. Rice IV, Derek A. Rice, Toby Z. Rice reported a EQT RE, LLC shareholding of 35,331,330 shares (15.50% of votes) in a periodic institutional filing.
Viking Global Investors LP, Viking Global Performance LLC, Viking Global Equities LP, Viking Global Equities II LP, VGE III Portfolio Ltd., Viking Long Fund GP LLC, Viking Long Fund Master Ltd., Viking Global Opportunities GP LLC, Viking Global Opportunities Portfolio GP LLC, Viking Global Opportunities Liquid Portfolio Sub-Master LP, O. Andreas Halvorsen, David C. Ott, Rose S. Shabet reported a EQT RE, LLC shareholding of 12,028,939 shares (5.80% of votes) in a periodic institutional filing.
Rice Energy Holdings LLC, Rice Energy, Andrew L. Share, Daniel J. Rice III, Daniel J. Rice IV, Derek A. Rice, Toby Z. Rice reported a EQT RE, LLC shareholding of 37,014,021 shares (17.90% of votes) in a periodic institutional filing.
On June 15, 2017 the Third Amendment to the Fourth Amended and Restated Credit Agreement was signed after the lenders' semi-annual review. The borrowing base and elected commitments each rose from $1.45 billion to $1.60 billion, with the next review set for October 2017. This continues the bank facility (Wells Fargo agent), now larger than the $750M commitments in the earlier context.
On June 19, 2017 Rice agreed to be acquired by EQT Corporation: each Rice share converts into 0.37 of an EQT share plus $5.30 in cash. Closing needs approval from both companies' shareholders, an effective S-4 and antitrust clearance, and either side can walk away if not closed by Feb 19, 2018 (extendable to May 19, 2018). A $255M termination fee applies in certain cases, Rice must redeem the REO units and Class A preferred held by others (the Vantage sellers' stake created in Oct 2016) and, unless EQT requests otherwise, the Series B units of Rice Midstream Holdings at closing. Daniel Rice IV and Robert Vagt are to join EQT's board, and key Rice holders signed a voting agreement to support the deal and not sell until it closes or ends.
On March 16, 2017 Rice Energy Operating LLC and Rice Energy Inc. signed a Second Amendment to the Fourth Amended and Restated Credit Agreement (Wells Fargo agent). It allows secured hedging up to six years out, with larger volumes allowed in years four and five, permits some unsecured physical hedging, and changes the credit rating threshold for non-lender hedge counterparties. No borrowing amounts are stated.