CNX Resources Corporation Announces Closing of $500 Million Senior Notes Offering

Rhea-AI Summary

CNX Resources (NYSE: CNX) closed a private placement of $500 million aggregate principal amount of 5.875% senior notes due 2034 on February 26, 2026. The Notes are guaranteed by all restricted subsidiaries that guarantee CNX's revolving credit facility. Net proceeds will be used to fund a tender offer and any required redemption of the company’s 6.000% senior notes due 2029, with revolver draws as a backstop. The Notes were offered under Rule 144A and Regulation S and are not registered under the Securities Act.

Positive

• Issued $500 million 5.875% senior notes due 2034
• Notes guaranteed by all restricted subsidiaries
• Proceeds earmarked to retire 6.000% 2029 senior notes

Negative

• May draw on revolving credit facility if proceeds are insufficient
• Notes are unregistered, limiting resale to qualified buyers
• Fixed interest 5.875% increases long‑term interest expense

Key Figures

New notes offering: $500 million Coupon rate: 5.875% Maturity year: 2034 +4 more

7 metrics

New notes offering $500 million Aggregate principal amount of 5.875% senior notes due 2034

Coupon rate 5.875% Interest rate on senior notes due 2034

Maturity year 2034 Maturity of new senior notes

Existing notes coupon 6.000% Coupon on senior notes due 2029 targeted by tender and redemption

Outstanding 2029 notes $500,000,000 Principal amount of 6.000% senior notes due 2029 referenced

Company legacy 161 years Length of CNX’s regional legacy in Appalachia

Proved reserves 9.7 Tcfe Proved natural gas reserves as of December 31, 2025

Market Reality Check

Price: $38.77 Vol: Volume 2,110,747 is at 0....

normal vol

$38.77 Last Close

Volume Volume 2,110,747 is at 0.81x the 20-day average of 2,598,703. normal

Technical Price 38.77 is trading above the 200-day MA of 33.94, and 7.98% below the 52-week high.

Peers on Argus

CNX rose 3.14% while key peers like CIVI, CRC, CRK, MGY, and VIST were all negat...

CNX rose 3.14% while key peers like CIVI, CRC, CRK, MGY, and VIST were all negative on the day, indicating a stock-specific reaction to the notes closing.

Historical Context

5 past events · Latest: Feb 23 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 23	Tender offer results	Neutral	-1.7%	Final results of cash tender for 6.000% 2029 notes and conditional redemption.
Feb 17	Notes pricing	Neutral	+0.9%	Pricing of $500M 5.875% senior notes due 2034 to fund tender and redemption.
Feb 17	Tender offer launch	Neutral	-1.9%	Launch of cash tender offer for all outstanding 6.000% 2029 notes.
Feb 17	Private notes offer	Neutral	-1.9%	Announcement of intent to privately offer $500M senior notes due 2034.
Jan 29	Earnings release	Neutral	+2.4%	Release of Q4 2025 financial and operational results and investor materials.

Pattern Detected

Recent balance sheet and financing updates have typically led to modest single-day moves, with both positive and negative reactions, suggesting the stock digests such news without extreme volatility.

Recent Company History

Over the past month, CNX has focused on balance sheet management and capital markets activity. It announced a private offering of $500 million senior notes due 2034, then launched and completed a tender offer for its 6.000% 2029 notes, alongside related 8-K filings. An earlier Q4 2025 earnings release saw a positive price reaction. Today’s closing of the new notes offering effectively completes this refinancing sequence, following the previously disclosed tender and redemption plans.

Market Pulse Summary

This announcement finalizes CNX’s previously outlined refinancing, closing the $500 million, 5.875% ...

Analysis

This announcement finalizes CNX’s previously outlined refinancing, closing the $500 million, 5.875% senior notes due 2034 that support the tender and redemption of its 6.000% 2029 notes. It follows a series of 8-K filings detailing the offer and tender results. Investors may focus on how this shifts CNX’s debt maturity profile, interest costs, and flexibility to monetize its 9.7 Tcfe in proved reserves while maintaining capital discipline.

Key Terms

senior notes, indenture, revolving credit facility, tender offer, +3 more

7 terms

senior notes financial

"private placement of $500 million aggregate principal amount of its 5.875% senior notes due 2034"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

indenture financial

"The Notes were offered under an indenture, dated February 26, 2026 (the "Indenture"), among CNX"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

revolving credit facility financial

"guaranteed by all of CNX's restricted subsidiaries that guarantee its revolving credit facility."

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

tender offer financial

"pursuant to the tender offer that commenced concurrently with the offering of the Notes (the "Tender Offer")"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

redemption financial

"fund the redemption of all 2029 Notes not purchased in the Tender Offer (the "Redemption")."

Redemption is when an issuer or holder settles a financial instrument by paying it off or returning it for cash, such as a bond being paid at maturity or a preferred share bought back by the company. It matters to investors because redemption changes when and how they get their money back, can cut off future income from the investment, and affects the issuer’s cash needs—think of it like a loan being paid off early or a store refunding a returned purchase.

Rule 144A regulatory

"buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

Regulation S regulatory

"non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act."

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

AI-generated analysis. Not financial advice.

PITTSBURGH, Feb. 26, 2026 /PRNewswire/ -- CNX Resources Corporation (NYSE: CNX) ("CNX," "we," or "our") today announced the closing of its private placement of $500 million aggregate principal amount of its 5.875% senior notes due 2034 (the "Notes"). The Notes were offered under an indenture, dated February 26, 2026 (the "Indenture"), among CNX, the subsidiary guarantors party thereto and UMB Bank, N.A., as trustee. The Notes are guaranteed by all of CNX's 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 6.000% senior notes due 2029 (the "2029 Notes") pursuant to the tender offer that commenced concurrently with the offering of the Notes (the "Tender Offer") and (ii) to the extent any 2029 Notes remain outstanding after the Tender Offer, fund the redemption of all 2029 Notes not purchased in the Tender Offer (the "Redemption"). To the extent the net proceeds of the sale of Notes are not sufficient to fund CNX's obligations under the Tender Offer and the Redemption, it intends to draw on its revolving credit facility to provide the additional funds to satisfy such obligations. Until CNX uses the remaining net proceeds of the sale of the Notes to fund the Redemption, if applicable, it will reduce amounts outstanding under its revolving credit facility.

The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the rules promulgated thereunder and applicable state securities laws. The Notes have been and will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.

CNX Resources Corporation (NYSE: CNX) is unique. We are a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 161-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, we responsibly develop our resources and deploy free cash flow to create long-term per share value for our shareholders, employees, and the communities where we operate. As of December 31, 2025, CNX had 9.7 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index.

Cautionary Statements:

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities 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 any such state or jurisdiction. The offering of Notes was made only by means of an offering memorandum. This press release does not constitute an offer to purchase or the solicitation of an offer to sell any 2029 Notes in the Tender Offer, nor does it constitute a notice of redemption under the indenture governing the 2029 Notes.

Various statements in this release, including those that express a belief, expectation or intention, may be considered 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, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release, including those relating to the offering of Notes and the use of proceeds therefrom, the Tender Offer and the Redemption, speak only as of the date of this press release; we disclaim any obligation to update these statements unless required by securities laws and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While 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 matters, the factors discussed in our 2025 Annual Report on Form 10-K under "Risk Factors," which is on file at the U.S. Securities and Exchange Commission.

 

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SOURCE CNX Resources Corporation

FAQ

What did CNX (NYSE: CNX) announce on February 26, 2026 about new debt?

CNX closed a private placement of $500 million 5.875% senior notes due 2034. According to the company, the offering closed February 26, 2026 and the notes are guaranteed by restricted subsidiaries.

How will CNX use the proceeds from the $500 million 2034 notes offering?

CNX intends to use net proceeds to purchase and, if needed, redeem its 6.000% senior notes due 2029. According to the company, any shortfall may be funded by its revolving credit facility.

Are CNX’s 2034 notes registered for public resale in the U.S.?

No, the 2034 notes have not been and will not be registered under the Securities Act. According to the company, they were offered under Rule 144A and Regulation S to qualified institutional buyers and non‑U.S. persons.

Do CNX’s restricted subsidiaries guarantee the new senior notes due 2034?

Yes, the notes are guaranteed by all restricted subsidiaries that guarantee CNX’s revolving credit facility. According to the company, the guarantees are part of the indenture dated February 26, 2026.

What is the interest rate and maturity of CNX’s new senior notes (CNX)?

The new senior notes carry a fixed interest rate of 5.875% and mature in 2034. According to the company, the aggregate principal amount of the offering was $500 million.

Could CNX draw on its revolver after the 2034 notes offering?

Potentially yes; CNX may draw on its revolving credit facility if net proceeds are insufficient to satisfy tender and redemption obligations. According to the company, the revolver serves as a backstop for any shortfall.