PITTSBURGH - CNX Resources Corporation (NYSE:CNX) has announced the pricing terms of its cash tender offer for the purchase of its outstanding 7.25% Senior Notes due 2027. The purchase price for each $1,000 principal amount of the notes tendered and accepted is $1,018.97, determined by a fixed spread plus the yield of a specified U.S. Treasury Reference Security as of 2:00 p.m. New York City time today.
Holders of the notes who participate in the tender offer will also receive accrued and unpaid interest up to, but not including, the initial payment date, which is expected to be February 23, 2024. The tender offer will expire today at 5:00 p.m. New York City Time, unless extended or earlier terminated, and notes may be withdrawn any time before this expiration.
The tender offer is contingent upon the completion of a concurrent notes offering by CNX, with satisfactory terms, including the amount of proceeds raised. The offer is not subject to a minimum tender condition but may be amended, extended, terminated, or withdrawn according to applicable law.
Simultaneously, CNX has issued a notice to redeem all notes not purchased in the tender offer on March 14, 2024, at a redemption price of 101.813% of the principal amount, plus accrued interest. This redemption is conditional on the closing of CNX's new notes offering and the receipt of net proceeds from this offering.
J.P. Morgan Securities LLC is acting as the Lead Dealer Manager, with TD (TSX:TD) Securities (USA) LLC as the Dealer Manager for the tender offer. The tender agent and information agent is Global Bondholder Services Corporation.
CNX Resources Corporation is a natural gas company focused on development, production, and technology in the Appalachian region. As of the end of 2023, CNX reported 8.74 trillion cubic feet equivalent of proved natural gas reserves.
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