CNX Resources upsizes with restated $2.1 billion five-year revolver

By Wendy Van Sickle

Columbus, Ohio, March 8 – CNX Resources Corp. amended and restated its senior secured revolving credit facility, increasing commitments to $2.1 billion, according to a news release.

There is also an accordion feature allowing the revolver to be expanded up to a total of $3 billion. There is an initial borrowing base of $2.5 billion.

Borrowings bear interest at Libor plus a margin ranging from 150 basis points to 250 bps.

The revolver matures on March 8, 2023, subject to a springing maturity in the event the total principal amount outstanding of the company's existing senior notes or certain other publicly traded debt securities exceeds $500 million.

PNC Capital Markets LLC, JPMorgan Chase Bank, NA, Credit Suisse Securities (USA) LLC and MUFG Union Bank, NA acted as the joint lead arrangers and bookrunners, with PNC the administrative agent and JPMorgan the syndication agent.

CNX Resources is a Pittsburgh-based energy company.

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