CNX Resources Corporation (NYSE: CNX) (CNX) has announced the pricing of US$500 million of its 7.375% senior notes due 2031 (the Notes) at a price to the public of 100% of their face value. The offering is expected to close on September 26, 2022, subject to the satisfaction of customary closing conditions. The Notes will be guaranteed by all of CNX’s wholly owned restricted subsidiaries that guarantee its revolving credit facility.
CNX intends to use the net proceeds of the sale of the Notes (i) to purchase up to US$350 million aggregate principal amount of its outstanding 7.25% senior notes due 2027 pursuant to the tender offer that commenced concurrently with the offering of the Notes and (ii) to repay borrowings under its revolving credit facility.
Latham & Watkins LLP represents CNX Resources Corporation in the senior notes offering and concurrent tender offer with a corporate deal team led by Austin partner David Miller and Houston partner Monica White, with Austin associate Pia Kaur, Houston associates Kathy Phan, Anthony Tan, and Nathaniel Bass. Advice was also provided on tax matters by Houston partners Bryant Lee and Jim Cole, with associate Dominick Constantino; and on environmental matters by Houston counsel Joshua Marnitz.