CNX Resources begins capped tender offer for 7¼% notes due 2027

By Marisa Wong

Los Angeles, Sept. 12 – CNX Resources Corp. announced that it has begun a cash tender offer to purchase up to $350 million of its $700 million outstanding 7¼% senior notes due 2027 (Cusip: 12653CAC2).

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 5 p.m. ET on Sept. 23, the early tender deadline.

Holders tendering after the early tender deadline will only be eligible to receive the tender offer consideration of $995 per $1,000 principal amount.

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

The offer will expire at 5 p.m. ET on Oct. 7.

Tendered notes may be withdrawn at any time before 5 p.m. ET on Sept. 23.

The company may choose to settle early tendered notes on an early payment date, expected to be Sept. 27.

If the offer is oversubscribed, notes may be accepted on a prorated basis.

The offer is also 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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