CNX Resources Closes $500M 5.875% Senior Notes Offering Due 2034
CNX Resources closed a private placement of $500 million 5.875% senior notes due 2034 guaranteed by its restricted subsidiaries. Net proceeds will repurchase or redeem its outstanding 6.000% senior notes due 2029 and temporarily reduce revolver borrowings until any residual is deployed.
1. Offering Details
CNX Resources closed a private placement of $500 million aggregate principal amount of 5.875% senior notes due 2034 under an indenture dated February 26, 2026. The notes are guaranteed by all restricted subsidiaries that also guarantee its revolving credit facility.
2. Use of Proceeds
Net proceeds will fund a concurrent tender offer to purchase and redeem any remaining 6.000% senior notes due 2029. If proceeds fall short, CNX will draw on its revolving credit facility to satisfy obligations, reducing revolver borrowings until note issuance proceeds are applied.
3. Guarantee Structure
All restricted subsidiaries that guarantee CNX’s revolving credit facility also guarantee the new senior notes, aligning security among its senior obligations. This structure ensures parity for noteholders and maintains the secured status of its debt.
4. Debt Profile Impact
The issuance extends the company’s debt maturity by moving $500 million of 6.000% 2029 notes to a 2034 maturity at 5.875%. This shift is expected to lower annual interest expense and improve free cash flow over the medium term.