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CNX Resources begins tender offer for 7¼% senior notes due 2027
By Marisa Wong
Los Angeles, Feb. 12 – CNX Resources Corp. has begun a cash tender offer to purchase any and all of its $350 million outstanding 7¼% senior notes due 2027 (Cusip: 12653CAC2, U1749LAB0), according to a press release.
The purchase price will be calculated using the 0.25% U.S. Treasury due March 15, 2024 and a fixed spread of 0 basis points.
The company noted that the purchase price will be based on a yield to March 14, the date of the next specified redemption price reduction under the indenture governing the notes, and assuming the notes are redeemed on March 14 at 101.813.
In addition, the company will pay accrued interest to but excluding the settlement date.
Pricing will be determined at 2 p.m. ET on Feb. 16.
The offer will expire at 5 p.m. ET on Feb. 16.
Settlement is expected to be on Feb. 23.
The tender offer is conditioned on CNX completing a concurrent offering of new notes but is not conditioned on any minimum amount being tendered.
The company has issued a conditional notice to redeem all notes not purchased in the tender offer. Any remaining notes will be redeemed on March 14 at 101.813 plus accrued interest. The redemption is also conditioned on the new issuance.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-4087) is the dealer manager, and TD Securities (USA) LLC is the co-dealer manager.
Global Bondholder Services Corp. (855 654-2015 or, for banks and brokers, 212 430-3774; contact@gbsc-usa.com; https://www.gbsc-usa.com/cnx) is the tender agent and information agent.
CNX is a Pittsburgh-based natural gas development, production, midstream and technology company centered in Appalachia.
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