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CNX Announces Upsized Credit Facility



PITTSBURGH, March 8, 2018 /PRNewswire/ -- CNX Resources Corporation (NYSE: CNX) ("CNX" or the "Company") today announced that it has amended and restated its senior secured revolving credit facility (the "Credit Facility").  The Credit Facility increases lenders' commitments to $2.1 billion, with an accordion feature allowing the Company to increase the commitments to $3.0 billion, and establishes an initial borrowing base of $2.5 billion.  Outstanding borrowings under the Credit Facility bear interest, at the Company's option, at either the base rate plus a margin ranging from 0.50% to 1.50% or LIBOR plus a margin ranging from 1.50% to 2.50%. 

The Credit Facility matures on March 8, 2023, subject to a springing maturity date in the event the aggregate principal amount outstanding on the Company's existing senior notes or certain other publicly traded debt securities exceeds $500 million

PNC Capital Markets LLC, JPMorgan Chase Bank, N.A., Credit Suisse Securities (USA) LLC and MUFG Union Bank, N.A. acted as the joint lead arrangers and joint bookrunners for the Credit Facility.  PNC Bank, National Association will serve as administrative agent and collateral agent, and JPMorgan Chase Bank, N.A. will serve as syndication agent.

About CNX Resources

CNX Resources Corporation is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. CNX deploys an organic growth strategy focused on responsibly developing its resource base. As of December 31, 2017, CNX had 7.6 trillion cubic feet equivalent of proved natural gas reserves. CNX is a member of the Standard & Poor's Midcap 400 Index. Additional information may be found at www.cnx.com.

 

CNX Resources Corporation logo (PRNewsfoto/CNX Resources Corporation,CNX...)

SOURCE CNX Resources Corporation


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News published on 8 march 2018 at 13:10 and distributed by: