CNX Resources Corporation Announces Closing of $200 Million Additional Senior Notes Offering
CNX Resources (NYSE: CNX) has successfully closed a private placement of $200.0 million in 7.250% senior notes due 2032 at 100.500% of par, with a yield to worst of 7.104%. These notes are additional to the previously issued $400.0 million aggregate principal amount under the same terms.
The new notes are guaranteed by CNX's restricted subsidiaries that guarantee its revolving credit facility. The proceeds will be used for general corporate purposes, including funding transaction costs for the pending acquisition of Apex Energy entities and temporarily paying down revolving credit facility borrowings.
The notes are being offered only to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. As of December 31, 2023, CNX had 8.74 trillion cubic feet equivalent of proved natural gas reserves.
CNX Resources (NYSE: CNX) ha concluso con successo un collocamento privato di $200,0 milioni in note senior al 7,250% con scadenza nel 2032, al 100,500% del valore nominale, con un rendimento minimo del 7,104%. Queste note si aggiungono all'importo principale aggregato precedentemente emesso di $400,0 milioni alle stesse condizioni.
Le nuove note sono garantite dalle sussidiarie ristrette di CNX che garantiscono la sua linea di credito revolving. I proventi saranno utilizzati per scopi aziendali generali, inclusa la copertura dei costi di transazione per l'acquisizione in corso delle entità di Apex Energy e per il pagamento temporaneo dei prestiti della linea di credito revolving.
Le note sono offerte solo a investitori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi della Regolamentazione S. Al 31 dicembre 2023, CNX disponeva di 8,74 trilioni di piedi cubi equivalenti di riserve di gas naturale provate.
CNX Resources (NYSE: CNX) ha cerrado con éxito una colocación privada de $200.0 millones en notas senior al 7.250% con vencimiento en 2032 al 100.500% de su valor nominal, con un rendimiento mínimo de 7.104%. Estas notas son adicionales al monto principal agregado previamente emitido de $400.0 millones bajo los mismos términos.
Las nuevas notas están garantizadas por las subsidiarias restringidas de CNX que respaldan su línea de crédito revolvente. Los ingresos se utilizarán para fines corporativos generales, incluyendo el financiamiento de los costos de transacción para la adquisición pendiente de las entidades de Apex Energy y el pago temporal de los préstamos de la línea de crédito revolvente.
Las notas solo se están ofreciendo a compradores institucionales calificados conforme a la Regla 144A y a personas no estadounidenses bajo la Regulación S. A partir del 31 de diciembre de 2023, CNX tenía 8.74 billones de pies cúbicos equivalentes de reservas de gas natural probadas.
CNX 리소스 (NYSE: CNX)는 2032년에 만기되는 $200.0 백만의 7.250% 선순위 노트를 100.500%의 액면가로 성공적으로 발행했습니다. 최악의 수익률은 7.104%입니다. 이 노트는 동일한 조건으로 이전에 발행된 $400.0 백만의 총 원금에 추가됩니다.
새로운 노트는 CNX의 회전 신용 시설을 보증하는 제한된 자회사가 보증합니다. 수익금은 일반 기업 목적으로 사용되며, Apex Energy의 기업 인수와 관련된 거래 비용의 자금을 지원하고 회전 신용 시설 대출을 임시로 상환하는 데 사용될 것입니다.
이 노트는 144A 규정에 따른 적격 기관 투자자 및 S 규정에 따른 비미국인에게만 제공됩니다. 2023년 12월 31일 기준으로 CNX에는 8.74조 입방피트에 해당하는 신뢰할 수 있는 천연가스 보유량이 있었습니다.
CNX Resources (NYSE: CNX) a réussi à clore un placement privé de $200,0 millions en obligations senior à 7,250% arrivant à échéance en 2032 à 100,500% de leur valeur nominale, avec un rendement minimal de 7,104%. Ces obligations s'ajoutent au montant principal agrégé précédemment émis de $400,0 millions aux mêmes conditions.
Les nouvelles obligations sont garanties par les filiales restreintes de CNX qui garantissent sa facilité de crédit renouvelable. Les produits seront utilisés à des fins générales d'entreprise, y compris le financement des coûts de transaction pour l'acquisition en attente des entités d'Apex Energy et le remboursement temporaire des emprunts de la facilité de crédit renouvelable.
Les obligations sont offertes uniquement aux acheteurs institutionnels qualifiés en vertu de la règle 144A et aux personnes non américaines selon la réglementation S. En date du 31 décembre 2023, CNX disposait de 8,74 trillions de pieds cubes équivalents de réserves de gaz naturel prouvées.
CNX Resources (NYSE: CNX) hat erfolgreich eine Privatplatzierung von $200,0 Millionen an Senior Notes mit 7,250% Zinsen und Fälligkeit 2032 zu 100,500% des Nennwerts abgeschlossen, mit einer schlimmsten Rendite von 7,104%. Diese Notes sind zusätzlich zu dem zuvor ausgegebenen Gesamtbetrag von $400,0 Millionen unter denselben Bedingungen.
Die neuen Notes sind durch die eingeschränkten Tochtergesellschaften von CNX gesichert, die für ihre revolvierende Kreditfazilität garantieren. Die Erlöse werden für allgemeine Unternehmenszwecke verwendet, einschließlich der Finanzierung von Transaktionskosten für die bevorstehende Übernahme von Apex Energy-Einheiten und zur vorübergehenden Rückzahlung von Darlehen aus der revolvierenden Kreditfazilität.
Die Notes werden nur an qualifizierte institutionelle Käufer gemäß Regel 144A und an nicht-US-Personen gemäß Regulation S angeboten. Zum 31. Dezember 2023 verfügte CNX über 8,74 Billionen Kubikfuß Äquivalent an nachgewiesenen Erdgasreserven.
- Successfully raised $200 million through senior notes offering
- Strong market position with 8.74 trillion cubic feet equivalent of proved natural gas reserves
- Strategic acquisition funding secured for Apex Energy entities
- Additional debt burden with 7.250% interest rate
- Increased leverage through new note issuance
Insights
CNX Resources' successful placement of
The offering's structure as an add-on to existing
The dual-purpose use of proceeds - funding the Apex Energy acquisition while temporarily reducing revolving credit facility borrowings - indicates sophisticated liability management. This approach provides flexibility in timing the Apex closing while optimizing the company's immediate interest expense. The structure also suggests management's confidence in executing the Apex acquisition, though notably the deal and offering are not contingently linked.
From a balance sheet perspective, this fixed-rate financing helps lock in costs before potential further rate increases, while the 2032 maturity extends the company's debt profile. However, investors should monitor the total leverage impact once the Apex transaction closes, as the combined effect of the notes and acquisition will influence CNX's credit metrics.
The New Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in
CNX Resources Corporation (NYSE: CNX) is a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 160-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, we responsibly develop our resources and deploy free cash flow to create long-term per share value for our shareholders, employees, and the communities where we operate. As of December 31, 2023, CNX had 8.74 trillion cubic feet equivalent of proved natural gas reserves.
Cautionary Statements:
This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of New Notes was made only by means of an offering memorandum.
Various statements in this release, including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," "will" or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release, including those relating to the Transaction and the offering of New Notes and the use of proceeds therefrom, speak only as of the date of this press release; we disclaim any obligation to update these statements unless required by securities laws and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the factors discussed in our 2023 Annual Report on Form 10-K under "Risk Factors," which is on file at the
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SOURCE CNX Resources Corporation
FAQ
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