CNX Midstream Partners’ $400 Million Senior Notes Offering and Tender Offer

Latham & Watkins represented CNX Midstream Partners in the transaction.

CNX Midstream Partners LP, a wholly-owned subsidiary of CNX Resources Corporation, has announced the pricing of US$400 million aggregate principal amount of 4.750% senior notes due 2030 at par in a private offering. The offering is expected to close on September 22, 2021.

CNX Midstream intends to use the net proceeds of the offering, together with cash on hand and borrowings under its revolving credit facility, to purchase any and all of the approximately US$400 million aggregate principal amount outstanding of its 6.500% senior notes due 2026 pursuant to a tender offer that commenced concurrently with Notes offering and to redeem any 2026 Notes that remain outstanding after consummation of the Tender Offer. 

CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale in Pennsylvania and West Virginia.

Latham & Watkins represented CNX Midstream Partners in the senior notes offering and concurrent tender offer with a corporate deal team led by Austin partner David Miller, with Houston associates Kate Wang, Jessica Sherman, Anthony Tan, and Nathaniel Bass. Advice was also provided on finance matters by Houston partner Craig Kornreich and Houston counsel Bryce Kaufman; on tax matters by Houston partners Bryant Lee and Jim Cole, with Houston associate Marianne Standley; and on environmental matters by Houston partner Joel Mack and Los Angeles/Washington, D.C. counsel Joshua Marnitz. 

Involved fees earner: Jim Cole – Latham & Watkins; Bryce Kaufman – Latham & Watkins; Craig Kornreich – Latham & Watkins; Bryant Lee – Latham & Watkins; Joel Mack – Latham & Watkins; Joshua Marnitz – Latham & Watkins; David Miller – Latham & Watkins; Jessica Sherman – Latham & Watkins; Marianne Standley – Latham & Watkins; Anthony Tan – Latham & Watkins; Kate Wang – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: CNX Midstream Partners LP;

Author: Martina Bellini