CNX Resources Prices $500M 5.875% Notes Due 2034 to Fund 2029 Redemption
CNX Resources priced $500 million of 5.875% senior notes due 2034 at 100% of face value, closing February 26, 2026, guaranteed by all restricted subsidiaries. Net proceeds will repurchase or redeem its 6.000% senior notes due 2029 and may tap its revolving credit facility for any shortfall.
1. Pricing of Senior Notes
On February 17, CNX Resources priced $500 million of 5.875% senior notes due 2034 at 100% of face value, with closing expected on February 26, 2026. These notes are guaranteed by all restricted subsidiaries that support CNX’s revolving credit facility.
2. Use of Proceeds for Debt Repurchase
CNX intends to use net proceeds to conduct a concurrent tender offer to purchase its outstanding 6.000% senior notes due 2029 and redeem any remaining notes, ensuring full redemption of the 2029 series. If proceeds are insufficient, the company may draw from its revolving credit facility to meet its obligations.
3. Impact on Debt Maturity and Financing Costs
The issuance extends CNX’s debt maturity by five years while potentially lowering overall interest costs through a coupon reduction from 6.000% to 5.875%. The structure also allows temporary reductions in revolving credit usage until redemption proceeds are fully deployed, optimizing liquidity management.