CNX Resources Prices $400 Million in Senior Notes
PITTSBURGH
CNX Resources Corporation (NYSE: NYSE:), an Appalachia-based company, has announced the pricing of $400 million of 7.250% senior notes due in 2032 at par. The sale is expected to conclude on February 23, 2024, subject to customary closing conditions. These notes will be supported by guarantees from CNX’s restricted subsidiaries, which also back its revolving credit facility.
Allocation of Proceeds
The company intends to utilize the net proceeds from the notes sale to buy back its outstanding 7.250% senior notes due 2027 through a concurrent tender offer. Additionally, the funds will be used to redeem any 2027 notes not acquired through the tender offer and to repay borrowings under its revolving credit facility. Any remaining proceeds may be utilized for general corporate purposes.
Offering Details
The notes have not been registered under the Securities Act of 1933 and will only be offered to qualified institutional buyers and non-U.S. persons outside the United States, under specific exemptions.
Corporate Profile
CNX Resources, with a 160-year legacy in the region, is renowned for its low carbon-intensive natural gas production and technology development. As of the end of 2023, the company reported 8.74 trillion cubic feet equivalent of proven natural gas reserves.
Disclaimer
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