CNX amends and restates five-year revolving credit agreements

Chicago, Oct. 7 – CNX Resources Corp. and CNX Midstream Partners LP amended and restated separate credit facilities on Wednesday, according to an 8-K filed Thursday with the Securities and Exchange Commission.

CNX Resources amended its credit facility on Wednesday that lists PNC Bank, NA as administrative and collateral agent.

The five-year facility, due Oct. 6, 2026, has a $2 billion borrowing base and $1.3 billion of elected commitments and replaces a facility from March 8, 2018, which had a $1.775 billion borrowing base and $1.775 billion of elected commitments.

There is a springing maturity date based on the company’s 2.25% convertible senior notes and whether they are outstanding on Jan. 30, 2026.

In addition to refinancing earlier commitments, borrowings may be used for general corporate purposes.

Interest will fall between Libor plus 175 basis points and 275 bps. The commitment fee, with five levels, will be between 37.5 bps and 50 bps.

Also, CNX Midstream Partners LP, a wholly owned subsidiary, entered into a new amended and restated credit agreement for a senior secured revolver on Wednesday for a $600 million five-year facility that also lists PNC Bank, NA as administrative agent and collateral agent.

The CNX Midstream revolver replaces a $600 million revolver from March 8, 2018.

Proceeds will be used to refinance the earlier facility and can also be used for general corporate purposes.

Interest will be between Libor plus 200 bps to 300 bps. The commitment fee moves between 37.5 bps and 50 bps.

The facility matures Oct. 6, 2026.

The co-syndication agents for both facilities are Bank of America, NA, CIBC, New York Branch, Citibank, NA, MUFG Bank, Ltd., TD Securities (USA) LLC, Truist Bank and Wells Fargo Bank, NA.

The joint lead arrangers and joint bookrunners are PNC Capital Markets, BofA Securities, Inc., CIBC, New York Branch, Citibank, NA, JPMorgan Chase Bank, NA, MUFG Bank, Ltd., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC.

CNX Resources is a Canonsburg, Pa., natural gas exploration, development and production company.

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