CNX CNX Resources Corporation

Credit Agreements

On March 13, 2020 (the “Closing Date”), Cardinal States Gathering Company LLC (“Cardinal States”), a Virginia limited liability company and an indirect wholly owned subsidiary of CNX Resources Corporation (the “Company”), as borrower, entered into a Credit Agreement with Investec Bank plc, as administrative agent, and the lenders from time to time party thereto (the “Cardinal Credit Agreement”). The Cardinal Credit Agreement provides for an 8-year first lien senior secured term loan facility in an initial aggregate amount equal to $125,000,000 (the “Cardinal Facility”) and includes amortization payments of 1.00% per annum, with the balance due and payable on the eighth anniversary of the Closing Date. The Cardinal Facility will be repaid in quarterly payments of principal equal to 0.25% of the original aggregate principal amount of the Cardinal Facility beginning on June 30, 2020. Borrowings under the Cardinal Facility, at Cardinal States’ option, will bear interest at a rate per annum as described in the Cardinal Credit Agreement. Cardinal States’ obligations under the Cardinal Credit Agreement are secured by substantially all of the assets of Cardinal States and by a pledge of the equity interests in Cardinal States by its parent holding company.

Also, on the Closing Date, CSG Holdings II LLC (“CSG”), a Delaware limited liability company and an indirect wholly owned subsidiary of the Company, as borrower, entered into a Credit Agreement with Investec Bank plc, as administrative agent, and the lenders from time to time party thereto (the “CSG Credit Agreement”). The CSG Credit Agreement provides for a seven-year first lien senior secured term loan facility in an initial aggregate amount equal to $50,000,000 (the “CSG Facility”) and includes amortization payments of 1.00% per annum, with the balance due and payable on the seventh anniversary of the Closing Date. The CSG Facility will be repaid in quarterly payments of principal equal to 0.25% of the original aggregate principal amount of the CSG Facility beginning on June 30, 2020. Borrowings under the CSG Facility, at CSG’s option, will bear interest at a rate per annum as described in the CSG Credit Agreement. CSG’s obligations under the CSG Credit Agreement are secured by substantially all of the assets of CSG and by a pledge of the equity interests in CSG by its parent holding company.

The foregoing credit agreements contain customary representations, warranties, affirmative and negative covenants, mandatory prepayments and events of default.

The Company intends to use the proceeds of borrowings under the Cardinal Facility and the CSG Facility to repay certain of its outstanding indebtedness.

The foregoing summaries do not purport to be complete and are subject to and qualified in their entirety by reference to the full text of the credit agreements, which are filed as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K and are incorporated herein by reference.