CNX Resources Corp (CNX): debt financing — CNX Resources enters new $1.4B credit facility with $2.25B borrowing base, maturity extended to 2029

CNX Resources Corp

New $1.4B senior secured revolver replaces $1.35B facility; borrowing base unchanged at $2.25B; maturity extended from Oct 2026 to May 2029.
CNX Midstream (wholly owned) also entered new $600M facility with same May 2029 maturity, replacing existing 2026 facility.
CNX covenants: max net leverage 3.50x, min current ratio 1.00x; CNX Midstream: max net leverage 5.00-5.25x, max secured leverage 3.25x, min interest coverage 2.50x.
Facility includes springing maturity if outstanding convertible notes or 2029 senior notes exceed 80% of availability.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

CNX Resources Corp incurred credit facility of $1.4 billion elected commitments under a new $2.25 billion borrowing base senior secured revolving credit facility; $600 with PNC Bank, National Association at SOFR plus margin ranging from 1.85% to 2.85% or base rate plus margin ranging fr maturing May 17, 2029.

Instrument: credit facility
Principal: $1.4 billion elected commitments under a new $2.25 billion borrowing base senior secured revolving credit facility; $600
Counterparty: PNC Bank, National Association
Rate: SOFR plus margin ranging from 1.85% to 2.85% or base rate plus margin ranging fr
Maturity: May 17, 2029
Event: incurrence

Exact text from the filing

on May 17, 2029, with certain lenders and PNC Bank, National Association as administrative agent and collateral agent. The new senior secured revolving credit facility has a $2.25 billion borrowing base and $1.4 billion elected commitments and replaces the Company’s existing senior secured revolving credit facility which had a $2.25 billion borrowing base and

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CNX Resources Corp entered into Fourth Amended and Restated Credit Agreement with PNC Bank, National Association valued at $2.25 billion borrowing base and $1.4 billion elected commitments (effective 2024-05-17).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: $2.25 billion borrowing base and $1.4 billion elected commitments
Effective: 2024-05-17

Exact text from the filing

CNX Resources Corporation (“CNX” or the “Company”) as borrower and certain of its subsidiaries as guarantor loan parties entered into a new Fourth Amended and Restated Credit Agreement for a senior secured revolving credit facility, dated as of May 17, 2024 (the “CNX Credit Agreement”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CNX Resources Corp entered into Second Amended and Restated Credit Agreement with PNC Bank, National Association valued at $600.0 million senior secured revolving credit facility (effective 2024-05-17).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: $600.0 million senior secured revolving credit facility
Effective: 2024-05-17

Exact text from the filing

CNX Midstream Partners LP, a wholly owned subsidiary of CNX (“CNXM” or the “Partnership”), as borrower and certain of its subsidiaries as guarantor loan parties entered into a new Second Amended and Restated Credit Agreement for a senior secured revolving credit facility, dated as of May 17, 2024 (the “CNXM Credit Agreement”)

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310 debt financings filed in the last 30 days. Browse all debt financings →

CNX Resources Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-141817

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