CNX Resources Corp. intends, subject to market and other conditions, to offer and sell in a private placement to eligible purchasers $400 million of senior notes due 2032. The notes will be guaranteed by CNX’s restricted subsidiaries that guarantee its revolving credit facility.
Concurrently, it commenced a tender offer to purchase for cash any of its 7.250 percent senior notes due 2027 validly tendered and not validly withdrawn. The tender offer is made only by and pursuant to the terms of the offer to purchase. Additionally, it issued a conditional notice to redeem all 2027 notes not purchased in the tender offer. The tender offer and the redemption are each conditioned on the consummation of this offering.
CNX intends to use the net proceeds of the sale of the notes to purchase its outstanding 2027 notes pursuant to the tender offer, to the extent any 2027 notes remain outstanding after the tender offer, fund the redemption and repay borrowings under its revolving credit facility, with remaining proceeds used for general corporate purposes.
