Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2020substantial holder notice● Neutral
Southeastern Asset Management, Inc. I.D. No, Longleaf Partners Fund I.D. No, Longleaf Partners Small-Cap Fund I.D. No, O. Mason Hawkins I.D. No. XXX-XX-XXXX reported a CNX Resources Corp shareholding of 51,035,484 shares (27.40% of votes) in a periodic institutional filing.
CNX Resources Corporation, CNX Gas LLC, CNX Gas Company LLC reported a CNX Resources Corp shareholding of 47,692,198 shares (53.10% of votes) in a periodic institutional filing.
CNX Midstream Partners eliminated all of its incentive distribution rights and converted its general partner's 2% stake into a non-economic interest, in exchange for issuing CNX Gas 26 million common units, 3 million new Class B units, and $135 million cash payable through 2022 - simplifying the MLP's structure ahead of CNX later buying in the rest of it.
CNX amended its credit agreement again, raising its borrowing base from $2.1 billion to $2.3 billion and reaffirming the carve-out allowing Southeastern Asset Management to hold up to 40% of its stock.
Southeastern Asset Management, Inc. I.D. No, Longleaf Partners Fund I.D. No, Longleaf Partners Small-Cap Fund I.D. No, O. Mason Hawkins I.D. No. XXX-XX-XXXX reported a CNX Resources Corp shareholding of 57,306,881 shares (29.30% of votes) in a periodic institutional filing.
CNX amended its credit agreement to extend its maturity to 2024, reaffirm its $2.1 billion borrowing base, and explicitly permit Southeastern Asset Management - which has been building a large position - to own up to 40% of CNX's voting stock without triggering a change-of-control default.
CNX completed a $500 million offering of 7.25% senior notes due 2027 - a materially higher coupon than its 2014-era debt, reflecting a tighter credit market for the sector.
CNX obtained a waiver from its credit-facility lenders to issue up to $650 million of unsecured notes without a borrowing-base cut, and launched a tender offer for up to $400 million of its 5.875% 2022 notes.
Greenlight Capital, Inc, DME Advisors, LP, DME Capital Management, LP, DME Advisors GP, LLC, David Einhorn reported a CNX Resources Corp shareholding of 3,490,100 shares (1.70% of votes) in a periodic institutional filing.
Southeastern Asset Management, Inc. I.D. No, Longleaf Partners Fund I.D. No, Longleaf Partners Small-Cap Fund I.D. No, O. Mason Hawkins I.D. No. XXX-XX-XXXX reported a CNX Resources Corp shareholding of 49,021,695 shares (24.10% of votes) in a periodic institutional filing.
Southeastern Asset Management, Inc. I.D. No, Longleaf Partners Small-Cap Fund I.D. No, O. Mason Hawkins I.D. No. XXX-XX-XXXX disclosed a new substantial CNX Resources Corp shareholding (22.60% of votes).
CNX agreed to sell its Ohio Utica Shale joint-venture assets, held together with Hess Corporation, to Ascent Resources for about $400 million net cash, exiting a wet-gas area it judged less attractive than its core opportunities.