CNX 2027 notes tender offer oversubscribed by early deadline

By Marisa Wong

Los Angeles, Sept. 26 – CNX Resources Corp. announced it received tenders for a total of $385,586,000 of its outstanding 7¼% senior notes due 2027 (Cusip: 12653CAC2) as of the early tender deadline of its offer to purchase up to $350 million of the $700 million outstanding notes.

Because the offer was oversubscribed as of the early tender deadline, the company will accept for purchase the tendered notes on a prorated basis using a proration factor of about 90.8%, according to a Monday press release.

Payment for the notes accepted for purchase will be made on Sept. 26.

As announced on Sept. 12, the company is offering a total consideration of $1,025 per $1,000 principal amount. The total consideration includes an early tender payment of $30 for each $1,000 of notes tendered by the early tender deadline.

In addition, the company will pay accrued interest to but excluding the payment date.

The offer will expire at 5 p.m. ET on Oct. 7. However, holders who tender their notes after the early deadline will not have any of their notes accepted for payment.

Tendered notes may no longer be withdrawn.

The offer is subject to a financing condition.

Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) is dealer manager for the tender offer.

The tender agent and information agent is Global Bondholder Services Corp. (855 654-2015 or, for banks and brokers, 212 430-3774; contact@gbsc-usa.com).

CNX an independent natural gas development, production and midstream company based in Pittsburgh, with operations centered in the major shale formations of the Appalachian basin.

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