© Reuters.
PITTSBURGH – CNX Resources Corporation (NYSE: NYSE:), an Appalachia-based company, has priced $400 million of 7.250% senior notes due in 2032 at par. The sale is anticipated to conclude on February 23, 2024, pending customary closing conditions. These notes will be backed by guarantees from CNX’s restricted subsidiaries that also support its revolving credit facility.
The company plans to allocate the net proceeds from the notes sale towards purchasing its outstanding 7.250% senior notes due 2027 in a concurrent tender offer. Additionally, funds will be used to redeem any 2027 notes not acquired through the tender offer and to repay borrowings under its revolving credit facility. Remaining proceeds may be directed towards general corporate purposes.
The notes have not been registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers and non-U.S. persons outside the United States, under specific exemptions.
CNX Resources, with a 160-year legacy in the region, is known 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.
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