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CNX Resources reduces facility to $2 billion, permits spin off
By Sarah Lizee
Olympia, Wash., Dec. 1 – CNX Resources Corp., formerly known as Consol Energy Inc., entered into a fourth amendment on Nov. 27 to its credit agreement with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The amendment allows, among other things, the spin off of the company’s coal assets.
In addition, the maximum amount under the credit agreement was reduced to $2 billion from $2.5 billion.
The letter of credit sublimit was also reduced and the revolving credit commitments were capped at $1.5 billion.
CNX Resources is a Pittsburgh-based energy company.
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