CNX Resources Corp.
was initially planning to raise funds in the bond market in January, but the natural gas firm decided to wait until its earnings were out at the end of the month—only to find that Russia’s invasion of Ukraine in late February had effectively closed the market for speculative-rated companies.
The Canonsburg, Pa.-based company, which is rated below investment grade, waited until August, and then again until September before it finally pulled the trigger, raising $500 million at 7.375% that will come due in 2031. CNX is using the proceeds to pay back $350 million in 2027 bonds that carry a slightly lower coupon of 7.25%.
“We timed it just about as well as it could be timed,” said
Alan Shepard,
the company’s chief financial officer.
Alan Shepard, chief financial officer of CNX…
This article was written by and originally published on www.wsj.com