CNX units enter into $175 million of first-lien term loan facilities

By Rebecca Melvin

New York, March 13 – CNX Resources Corp. entered into credit agreements with Investec Bank plc as administrative agent, lead arranger and bookrunner, providing for $175 million of first-lien senior secured term loans, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, CNX entered into a $125 million eight-year first-lien senior secured term loan through subsidiary Cardinal States Gathering Co. LLC and a $50 million seven-year first-lien senior secured term loan through subsidiary CSG Holding II LLC.

Both facilities include amortization payments of 1% per annum, with the balance due and payable at maturity.

The facilities will be repaid in quarterly payments of principal equal to 0.25% of the original aggregate principal amounts beginning on June 30.

The company intends to use the proceeds to repay some outstanding debt.

CNX Resources is a Pittsburgh-based energy company.

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