PITTSBURGH, Nov. 24, 2020 /PRNewswire/ -- CNX Resources
Corporation (NYSE: CNX) ("CNX") today announced the pricing of
$500 million of its 6.00% senior
notes due 2029 (the "Notes"). The offering is expected to
close on November 30, 2020, subject
to the satisfaction of customary closing conditions. The Notes will
be guaranteed by all of CNX's wholly-owned domestic restricted
subsidiaries that guarantee its revolving credit facility.
CNX intends to use the net proceeds of the sale of the Notes for
general corporate purposes, including to repay existing
indebtedness under CNX's revolving credit facility.
Upon the closing of the offering and the use of proceeds
therefrom, CNX anticipates having no maturities of indebtedness
through 2025 other than CNX's credit facility, under which less
than $186 million (or approximately
10% of the upstream borrowing capacity) will be drawn, and CNX
Midstream Partners LP's credit facility (which CNX does not
guarantee). CNX continues to anticipate using future free cash flow
to repay indebtedness to target a leverage ratio of 1.5 to 1.0 and
for share repurchases.
The Notes have not been 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
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.
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 Notes, the size of the proposed offering, the
expected use of proceeds from the sale of the Notes and the
anticipated effect of the offering of the Notes on the Company's
future performance. 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, June 30, 2020, and September 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