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CNX tender offer for up to $400 million 5 7/8% notes oversubscribed
By Angela McDaniels
Tacoma, Wash., March 14 – CNX Resources Corp. had received tenders for $1,149,251,000 principal amount of its $1,294,307,000 outstanding 5 7/8% senior notes due 2022 as of 5 p.m. ET on March 13, according to a company news release.
The company began a tender offer for up to $400 million of the notes on Feb. 28. The early tender deadline was 5 p.m. ET on March 13, and the offer will end at 5 p.m. ET on March 27.
If it accepts notes for purchase in the offer, CNX will accept notes on a prorated basis using a proration factor of 34.8%.
Payment for any notes so accepted will be made on the early payment date, which is expected to occur on or about March 15.
Because the offer is oversubscribed as of the early tender deadline, noteholders who tender notes after the early tender deadline will not have any of their notes accepted for payment.
The total purchase price is $1,014.69 per $1,000 principal amount of notes tendered by the early tender deadline. This amount includes an early tender payment of $30.00 per $1,000 principal amount of notes.
The company also will pay accrued interest up to but excluding the payment date.
The offer is contingent on the issue of $500 million principal amount of notes but is not conditioned on any minimum amount of notes being tendered.
The company priced $500 million of 7¼% eight-year senior notes (B3/BB-) at 97.06 to yield 7¾% on March 1. The deal closed on Thursday.
MUFG Securities Americas Inc. (212 405-7481 or 877 744-4532) is the dealer manager.
CNX Resources is a Canonsburg, Pa.-based oil and natural gas exploration, development and production company.
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