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Revolving Credit Facilities | 12 Months Ended
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Dec. 31, 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 12 - 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. On October 6, 2021, CNX as borrower and certain of its subsidiaries (not including CNXM) as guarantor loan parties entered into a new Amended and Restated Credit Agreement for a senior secured revolving credit facility (the “CNX Credit Agreement”). The new CNX Credit Agreement replaced the prior CNX Credit Facility and remains subject to a 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. 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. 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. 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 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. The CNX Credit Facility also requires that CNX maintain a maximum net leverage ratio of no greater than 3.50 to 1.00, which is calculated as the ratio of debt less cash on hand to consolidated EBITDA, measured quarterly. CNX must also maintain a minimum current ratio of no less than 1.00 to 1.00, which is calculated as the ratio of current assets, plus revolver availability, to current liabilities, excluding borrowings under the revolver, measured quarterly. The calculation of all of the ratios exclude CNXM. CNX was in compliance with all financial covenants as of December 31, 2021. At December 31, 2021, the CNX Credit Facility had $192,000 of borrowings outstanding and $184,131 of letters of credit outstanding, leaving $923,869 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. CNX Midstream Partners LP (CNXM): CNXM's revolving credit facility was not impacted by the Merger (See Note 4 - Acquisitions and Dispositions). 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. 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 prior 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. CNXM was in compliance with all financial covenants as of December 31, 2021. At December 31, 2021, the CNXM Credit Facility had $185,000 of borrowings outstanding and $30 of letters of credit outstanding, leaving $414,970 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.

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