PITTSBURGH, Sept. 8, 2020 /PRNewswire/ -- CNX Resources
Corporation (NYSE: CNX) ("CNX") today announced that it intends,
subject to market and other conditions, to offer and sell to
eligible purchasers $200.0 million
aggregate principal amount of 7.250% senior notes due 2027 (the
"New Notes"). The New Notes are being offered as additional notes
under an indenture, dated March 14,
2019 (the "Indenture"), pursuant to which CNX previously
issued $500.0 million aggregate
principal amount of 7.250% senior notes due 2027 (the "Initial
Notes"). The New Notes will be guaranteed by all of CNX's
wholly-owned domestic restricted subsidiaries that guarantee its
revolving credit facility and have identical terms as the Initial
Notes, other than the issue date, and the New Notes and the Initial
Notes will be treated as a single class of securities under the
Indenture. CNX intends to use the net proceeds of the sale of the
Notes, together with additional borrowings under its revolving
credit facility, to redeem, conditioned upon closing of the
offering of the New Notes, all of its outstanding 5.875% senior
notes due 2022 (the "2022 Notes"), eliminating any senior note
maturities prior to 2026.
The New Notes have not been, and will not be, registered under
the Securities Act of 1933, as amended (the "Securities Act"), or
any state securities laws and may not be offered or sold in
the United States except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and the rules
promulgated thereunder and applicable state securities laws. The
New Notes will be offered only to persons reasonably believed to be
qualified institutional buyers in reliance on Rule 144A under the
Securities Act and non-U.S. persons in transactions outside
the United States in reliance on
Regulation S under the Securities Act.
This press release does not and shall not constitute an offer to
sell or the solicitation of an offer to buy any notes, nor shall
there be any offer, solicitation or sale of notes in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The offering may
be made only by means of an offering memorandum. This press
release does not and shall not constitute a notice of redemption
under the optional redemption provisions of the indenture governing
the 2022 Notes.
About CNX Resources Corporation
CNX Resources Corporation (NYSE: CNX) is one of the largest
independent natural gas exploration, development and production
companies, with operations centered in the major shale formations
of the Appalachian basin. The company deploys an organic growth
strategy focused on responsibly developing its resource base. As of
December 31, 2019, CNX had 8.4
trillion cubic feet equivalent of proved natural gas reserves. The
company is a member of the Standard & Poor's Midcap 400
Index.
Cautionary Statements:
Various statements in this release, including those that express
a belief, expectation or intention, may be considered
forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended) that involve risks and
uncertainties that could cause actual results to differ materially
from projected results. Without limiting the generality of the
foregoing, forward-looking statements contained in this
communication specifically include statements regarding the
proposed terms of the New Notes, the size of the proposed offering,
and the expected use of proceeds from the sale of the New Notes.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
forward-looking statements may include projections and estimates
concerning the timing and success of specific projects and our
future production, revenues, income and capital spending. When we
use the words "believe," "intend," "expect," "may," "should,"
"anticipate," "could," "estimate," "plan," "predict," "project," or
their negatives, or other similar expressions, the statements which
include those words are usually forward-looking statements. When we
describe strategy that involves risks or uncertainties, we are
making forward-looking statements. The forward-looking
statements in this press release, if any, speak only as of the date
of this press release; we disclaim any obligation to update these
statements. We have based these forward-looking statements on our
current expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. These risks, contingencies and
uncertainties relate to, among other matters, the risks and
uncertainties set forth in the "Risk Factors" section of CNX's
Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form
10-Q for the three months ended March 31,
2020 and June 30, 2020, in
each case, as filed with the Securities and Exchange Commission,
and any subsequent reports filed with the Securities and Exchange
Commission.|
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SOURCE CNX Resources Corporation