Item 1.01 Entry into a Material Definitive Agreement.

CNX Resources Corporation ("CNX" or the "Company") as borrower and certain of its subsidiaries as guarantor loan parties entered into a new Third Amended and Restated Credit Agreement for a senior secured revolving credit facility, dated as of October 6, 2021 (the "CNX Credit Agreement") and maturing on October 6th, 2026 with certain lenders and PNC Bank, National Association as administrative agent and collateral agent. The new senior secured revolving credit facility has a $2 billion borrowing base and $1.3 billion elected commitments and replaces the Company's existing senior secured revolving credit facility which had a $1.775 billion borrowing base and $1.775 billion elected commitments, had been entered into as of March 8, 2018 (together with all amendments, supplements and modifications thereto, the "Existing CNX Facility"), and had a maturity of April 24, 2024.

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 Amended and Restated Credit Agreement for a senior secured revolving credit facility, dated as of October 6, 2021 (the "CNXM Credit Agreement") and maturing on October 6th, 2026 with certain lenders and PNC Bank, National Association as administrative agent and collateral agent. The new $600.0 million senior secured revolving credit facility replaced the Company's existing $600.0 million senior secured revolving credit facility which had been entered into as of March 8, 2018 (together with all amendments, supplements and modifications thereto, the "Existing CNXM Facility") and had a maturity of April 24, 2024. The CNX Midstream facility is not subject to semi-annual redetermination.

A copy of the CNX Credit Agreement and the CNXM Credit Agreement are filed as Exhibit 10.1 and 10.2 hereto, respectively, and are incorporated herein by reference. The description of the CNX Credit Agreement and the CNXM Credit Agreement in this Form 8-K is a summary and is qualified in its entirety by the terms of the CNX Credit Agreement and the CNXM Credit Agreement, as applicable.

CNX Credit Agreement

The CNX Credit Agreement provides for a secured revolving credit facility (the "CNX Credit Facility") in an aggregate outstanding principal amount of up to $1.3 billion, including borrowings and letters of credit. In addition to refinancing all outstanding amounts under the Existing CNX Facility, borrowings under the CNX Credit Facility may be used by CNX for general corporate purposes.

The availability under the CNX Credit Facility, including availability for letters of credit, is generally limited to a borrowing base, which is determined by the required number of lenders in good faith by calculating a loan value of the Company's proved reserves.

Interest on outstanding indebtedness under the CNX Credit Facility currently accrues, at the Company's option, at a rate based on either:





  •   the highest of (i) PNC Bank, National Association's prime rate, (ii) the
      federal funds open rate plus 0.50%, and (iii) the one-month LIBOR rate plus
      1.0%, in each case, plus a margin ranging from 0.75% to 1.75%; or




  •   the LIBOR rate plus a margin ranging from 1.75% to 2.75%.

The CNX Credit Facility matures on October 6, 2026, provided that if at any time on or after January 30, 2026, if any of the Company's 2.25% Convertible Senior Notes due 2026 are outstanding and (a) availability under the CNX Credit Facility minus (b) the aggregate principal amount of all such outstanding Convertible Senior Notes is less than 20% of the aggregate commitments under the CNX Credit Facility (the first such date, the "Springing Maturity Date"), then the CNX Credit Facility will mature on the Springing Maturity Date.

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The CNX Credit Facility requires compliance with conditions precedent that must be satisfied prior to any borrowing as well as ongoing compliance with certain affirmative and negative covenants to which CNX and certain of its subsidiaries must adhere.

The affirmative covenants include, among others: (i) preservation of existence; (ii) payment of obligations, including taxes; (iii) maintenance of properties, insurance, leases, books and records and material contracts; (iv) compliance with laws; (v) use of proceeds; (vi) subordination of intercompany loans; (vii) anti-terrorism laws; and (viii) collateral.

The negative covenants of the CNX Credit Facility include restrictions on the ability of CNX and its subsidiary guarantors except in certain circumstances to: (i) create, incur, assume or suffer to exist indebtedness; (ii) create or permit to exist liens on their properties; (iii) prepay certain indebtedness unless there is no default or event of default under the CNX Credit Facility; (iv) make or pay any dividends or distributions in excess of certain amounts; (v) merge with or into another person, liquidate or dissolve; or acquire all or substantially all of the assets of any going concern or going line of business or acquire all or a substantial portion of another person's assets; (vi) make particular investments and loans; (vii) sell, transfer, convey, assign or dispose of its assets or properties other than in the ordinary course of business and other select instances; (viii) deal with any affiliate except in the ordinary course of business on terms no less favorable to CNX than it would otherwise receive in an arm's length transaction; (ix) other than CNX, issue additional equity to any person other than CNX or certain of its subsidiaries; (x) amend in any material manner its certificate of incorporation, bylaws, or other organizational documents without giving prior notice to the lenders and, in some cases, obtaining the consent of the lenders. In addition, the Company is obligated to maintain at the end of each fiscal quarter (x) a maximum net leverage ratio of no greater than 3.50 to 1.00; and (y) a minimum current ratio of at least 1.00 to 1.00; both as calculated in accordance with the terms and definitions determining such ratios contained in CNX Credit Agreement. The CNX Credit Agreement also contains various reporting requirements.

The CNX Credit Facility also contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants.

The obligations under the CNX Credit Agreement are secured by substantially all of the assets of the Company and its subsidiaries pursuant to the Third Amended and Restated Security Agreement, the Third Amended and Restated Patent, Trademark and Copyright Security Agreement and various mortgages.

CNXM Credit Agreement

The CNXM Credit Agreement provides for a secured revolving credit facility (the "CNXM Credit Facility") in an aggregate outstanding principal amount of up to $600 million, including borrowings and letters of credit. In addition to refinancing all outstanding amounts under the Existing CNXM Facility, borrowings under the CNXM Credit Facility may be used by CNXM for general corporate purposes.

Interest on outstanding indebtedness under the CNXM Credit Facility currently accrues, at the Partnership's option, at a rate based on either:





  •   the highest of (i) PNC Bank, National Association's prime rate, (ii) the
      federal funds open rate plus 0.50%, and (iii) the one-month LIBOR rate plus
      1.0%, in each case, plus a margin ranging from 1.00% to 2.00%; or




  •   the LIBOR rate plus a margin ranging from 2.00% to 3.00%.

The CNXM Credit Facility matures on October 6, 2026.

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The CNXM Credit Facility requires compliance with conditions precedent that must be satisfied prior to any borrowing as well as ongoing compliance with certain affirmative and negative covenants to which CNXM and certain of its subsidiaries must adhere.

The affirmative covenants include, among others: (i) preservation of existence; (ii) payment of obligations, including taxes; (iii) maintenance of properties, insurance, permits, books and records and material contracts; (iv) compliance with laws; (v) use of proceeds; (vi) subordination of intercompany loans; (vii) anti-terrorism laws; and (viii) collateral.

The negative covenants of the CNXM Credit Facility include restrictions on the ability of CNXM, its subsidiary guarantors and certain of its non-guarantor, non-wholly-owned subsidiaries, except in certain circumstances, to: (i) create, incur, assume or suffer to exist indebtedness; (ii) create or permit to exist liens on their properties; (iii) prepay certain indebtedness unless there is no default or event of default under the CNXM Credit Facility; (iv) make or pay any dividends or distributions in excess of certain amounts; (v) merge with or into another person, liquidate or dissolve; or acquire all or substantially all of the assets of any going concern or going line of business or acquire all or a substantial portion of another person's assets; (vi) make particular investments and loans; (vii) sell, transfer, convey, assign or dispose of its assets or properties other than in the ordinary course of business and other select instances; (viii) deal with any affiliate except in the ordinary course of business on terms no less favorable to CNXM than it would otherwise receive in an arm's length transaction; (ix) amend in any material manner its certificate of incorporation, bylaws, or other organizational documents without giving prior . . .

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under "Item 1.01. Entry into a Material Definitive Agreement" is incorporated into this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.




(d)  Exhibits



Exhibit
Number                               Description of Exhibit

10.1           Third Amended and Restated Credit Agreement dated as of October 6,
             2021, among CNX, certain of its subsidiaries, PNC Bank, National
             Association, as administrative agent and collateral agent and the
             lender parties thereto.

10.2           Amended and Restated Credit Agreement dated as of October 6, 2021,
             among CNXM, certain of its subsidiaries, PNC Bank, National
             Association, as administrative agent and collateral agent and the
             lender parties thereto.

104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document).

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