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Latham & Watkins Represents CNX Resources Corporation in its US$400 Million Senior Notes Offering and Tender Offer

February 12, 2024
A Texas-based team advises the independent natural gas development, production, and midstream company in the transactions.

CNX Resources Corporation (NYSE: CNX) (CNX) has announced the pricing of US$400 million of its 7.250% senior notes due 2032 (the Notes) at a price to the public of 100% of their face value. The offering is expected to close on February 23, 2024, subject to the satisfaction of customary closing conditions. The Notes will be guaranteed by all of CNX's wholly owned restricted subsidiaries that guarantee its revolving credit facility.

CNX intends to use the net proceeds of the sale of the Notes to (i) purchase any and all of its outstanding 7.250% senior notes due 2027 (the 2027 Notes) pursuant to the tender offer that commenced concurrently with the offering of the Notes (the Tender Offer), (ii) fund the redemption of any 2027 Notes that remain outstanding after the completion of the Tender Offer and (iii) repay borrowings under its revolving credit facility, with any remaining proceeds used for general corporate purposes.

Latham & Watkins LLP represents CNX Resources Corporation in the senior notes offering and Tender Offer with a corporate deal team led by Austin partner David Miller and Houston partner Monica White, with Austin associate Connor Adams, and Houston associates Brian Bruzzo and Dalyn Dessaure. Advice was also provided on tax matters by Houston partners Tim Fenn and Jim Cole, with associate Molly Elkins; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Brandon Kerns.