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Revolving Credit Facilities | 9 Months Ended
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Sep. 30, 2021
Short-term Debt, Other Disclosures [Abstract] |
Revolving Credit Facilities | REVOLVING CREDIT FACILITIES: CNX CNX's senior secured revolving credit facility (the "CNX Credit Facility") was set to mature in April 2024, prior to its amendment and restatement in October 2021. Borrowings under the CNX Credit Facility were subject to borrowing base limitations based on the collateral value of CNX’s assets and were subject to regular semi-annual redeterminations. In November 2020, as part of the issuance of the $500,000 6.00% Senior Notes due January 2029 (See Note 9 - Long-Term Debt), both the lenders' commitments and borrowing base under the CNX Credit Facility decreased to $1,775,000 from $1,900,000. In April 2021, as part of the semi-annual borrowing base redetermination, the lenders reaffirmed CNX's $1,775,000 borrowing base. Under the terms of the CNX Credit Facility, borrowings would bear interest at CNX's option at either: •the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (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, which is the LIBOR rate plus a margin ranging from 1.75% to 2.75%. The CNX Credit Facility also required that CNX maintain a maximum net leverage ratio of no greater than 4.00 to 1.00, which is calculated as the ratio of debt less cash on hand to consolidated EBITDA, measured quarterly. CNX was also required to maintain a minimum current ratio of no less than 1.00 to 1.00, calculated as the ratio of current assets, plus revolver availability under the CNX Credit Facility, to current liabilities, excluding borrowings under the CNX Credit Facility, measured quarterly. The calculation of all of the ratios excluded CNXM. CNX was in compliance with all financial covenants as of September 30, 2021. At September 30, 2021, the CNX Credit Facility had $225,350 of borrowings outstanding and $188,566 of letters of credit outstanding, leaving $1,361,084 of unused capacity. At December 31, 2020, the CNX Credit Facility had $160,800 of borrowings outstanding and $185,272 of letters of credit outstanding, leaving $1,428,928 of unused capacity. On October 6, 2021, CNX as borrower and certain of its subsidiaries as guarantor loan parties entered into a new Amended and Restated Credit Agreement for a $2,000,000 senior secured revolving credit facility (the "CNX Credit Agreement") that matures on October 6, 2026. The new CNX Credit Agreement replaced the CNX Credit Facility and remains subject to semi-annual redetermination. The CNX Credit Agreement has a $2,000,000 borrowing base and $1,300,000 in elected commitments, including borrowings and letters of credit. In addition to refinancing all outstanding amounts under the CNX Credit Facility, borrowings under the CNX Credit Agreement 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. Under the terms of the CNX Credit Agreement, borrowings will bear interest at CNX's option at 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. CNX Midstream Partners LP (CNXM) CNXM's senior secured revolving credit facility (the "CNXM Credit Facility") was set to mature in April 2024, prior to its amendment and restatement in October 2021. The lenders’ commitments under the CNXM Credit Facility were $600,000, with an accordion feature that allowed CNXM to increase the available borrowings by up to an additional $250,000 under certain terms and conditions. The CNXM Credit Facility included the ability to issue letters of credit up to $100,000 in the aggregate. Under the terms of the CNXM Credit Facility, borrowings would bear interest at CNXM's option at either: •the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.50% to 1.50%; or •the LIBOR rate, plus a margin ranging from 1.50% to 2.50%. Fees and interest rate spreads under the CNXM Credit Facility were based on the total leverage ratio, measured quarterly. The CNXM Credit Facility required CNXM to comply with a number of affirmative and negative covenants. In addition, CNXM was obligated to maintain at the end of each fiscal quarter (w) for so long as at least $150,000 of the CNXM 6.50% Senior Notes due March 2026 ("CNXM Senior Notes") were outstanding, a maximum total leverage ratio of no greater than 5.25 to 1.00 (which increased to no greater than 5.50 to 1.00 during qualifying acquisition periods); (x) if less than $150,000 of the CNXM Senior Notes due March 2026 were outstanding, a maximum total leverage ratio of no greater than 4.75 to 1.00 (which increased to no greater than 5.25 to 1.00 during qualifying acquisition periods); (y) a maximum secured leverage ratio of no greater than 3.50 to 1.00 and (z) a minimum interest coverage ratio of no less than 2.50 to 1.00. CNXM was in compliance with all financial covenants as of September 30, 2021. The obligations under the CNXM Credit Facility were secured by substantially all of the assets of CNXM and its wholly-owned subsidiaries. CNX was not a guarantor under the CNXM Credit Facility. At September 30, 2021, the CNXM Credit Facility had $146,000 of borrowings outstanding and $30 of letters of credit outstanding, leaving $453,970 of unused capacity. At December 31, 2020, the CNXM Credit Facility had $291,000 of borrowings outstanding and $30 of letters of credit outstanding, leaving $308,970 of unused capacity. On October 6, 2021, CNXM as borrower and certain of its subsidiaries as guarantor loan parties entered into a new Amended and Restated Credit Agreement for a $600,000 senior secured revolving credit facility (the "CNXM Credit Agreement") that matures on October 6, 2026. The CNXM Credit Agreement replaced the CNXM Credit Facility and is not subject to semi-annual redetermination. CNX is not a guarantor under the CNXM Credit Facility. In addition to refinancing all outstanding amounts under the Existing CNXM Credit Facility, borrowings under the CNXM Credit Agreement may be used by CNXM for general corporate purposes. Interest on outstanding indebtedness under the CNXM Credit Agreement currently accrues, at CNXM’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%. In addition, CNXM is obligated to maintain at the end of each fiscal quarter (x) a maximum net leverage ratio of no greater than between 5.00 to 1.00 ranging to no greater than 5.25 to 1.00 in certain circumstances; (y) a maximum secured leverage ratio of no greater than 3.25 to 1.00 and (z) a minimum interest coverage ratio of no less than 2.50 to 1.00; in each case as calculated in accordance with the terms and definitions determining such ratios contained in CNXM Credit Agreement.

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