PITTSBURGH, Sept. 22, 2020 /PRNewswire/ -- CNX Resources
Corporation (NYSE: CNX) ("CNX") today announced the closing of its
private placement of $200.0 million
aggregate principal amount of its 7.250% senior notes due 2027 (the
"New Notes") at a price of 103.5% of par with an effective yield of
6.34%. The New Notes were 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 are 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 New
Notes, together with borrowings under its revolving credit
facility, to redeem 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 terms of the New Notes, the size of the
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