PITTSBURGH, September 26, 2022 /PRNewswire/ — CNX Resources Corporation (NYSE: CNX) (“CNX”, “we” or “our”) announced today that it has received offers for an aggregate principal amount of $385,586,000 of its outstanding 7.25% Senior Notes due 2027 (the “Notes”) under its previously announced cash tender offer (the “Offer”) to purchase up to $350 million overall principal amount of the $700 million total outstanding principal amount of the notes, at 5:00 p.m., New York City It’s time September 23, 2022 (the “Advanced Submission Deadline”), as well as the date of advance payment of the offer on September 26, 2022 (the “Prepayment Date”).
The offer is made in accordance with the terms and conditions contained in the offer to purchase dated September 12, 2022copies of which may be obtained from Global Bondholder Services Corporation., the Tendering Agent and Information Agent for the Offering, by calling (855)-654-2015 (toll-free) or , for banks and brokers, (212) 430-3774 or by email at [email protected].
The offer will expire at 5:00 p.m. New York time on October 7, 2022, unless extended or terminated earlier (the time and date of which may be extended, the “Expiration Period”). The withdrawal period for Securities validly offered was 5:00 p.m., New York City It’s time September 23, 2022.
Since the purchase of all Notes validly tendered would require us to purchase a principal amount greater than the $350 million Cap of the Offer, the Offer is oversubscribed and CNX, if it accepts the Notes in the Offer, will accept for purchase the Notes tendered on a pro rata basis, as described in the Offering Documents, using a pro rata factor of about 90.8%. Payment for Notes so accepted will be made promptly on the Early Payment Date, subject to the satisfaction or waiver of the conditions of the Offer. As the offering is oversubscribed from the Early Tender Deadline, Bondholders who validly tender Bonds after the Early Tender Deadline will not see any of their Bonds accepted for payment.
CNX has retained Citigroup Global Markets Inc. to serve as Dealer Manager for the tender offer. Questions regarding the terms of the tender offer may be directed to Citigroup Global Markets Inc. at (212)-723-6106 (collect) or (800)-558-3745 (toll-free in the United States). -United).
CNX is the premier independent natural gas development, production and midstream company, with operations centered in the major shale formations of the Appalachian Basin.
This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the Offer Notes. Further, this press release does not constitute an offer to sell or the solicitation of an offer to buy any securities issued pursuant to a concurrent note offering, and there will be no sale of any securities issued in in connection with any such offer in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Various statements in this release, including those that express a belief, expectation or intent, may be deemed to be forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. When we use the words “believe”, “intend”, “expect”, “may”, “should”, “anticipate”, “could”, “estimate”, “plan”, “predict” , “project”, “will” or their negatives, or other similar expressions, statements that include these words are generally forward-looking statements. When we describe a strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements contained in this press release, if any, speak only as of the date of this press release; we disclaim any obligation to update such statements unless required by securities laws. require, and we caution you not to place undue reliance on them. We have based these forward-looking statements on our current expectations and assumptions about future events. Although our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other things, the factors discussed in the 2021 Form 10-K under “Risk Factors”, which is filed with the Securities and Exchange Commission, as updated by any Form 10-Q later which we deposit.
SOURCE CNX Resource Corporation