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CNX Midstream to sell $400M of notes to fund Marcellus gas gathering system buy

CNX Midstream Partners LP is set to sell $400 million of senior notes due 2026, the proceeds of which will be used to fund the acquisition of 95% interest in the Shirley-Pennsboro gathering system from CNX Resources Corp., repay revolver debt and for general partnership purposes.

CNX Midstream Finance Corp. will serve as co-issuer for the notes. The Partnership may redeem the notes at 100% of the price if the acquisition is not completed on or before June 1, according to a March 5 news release.

CNX Midstream is a master limited partnership that owns, operates, develops and acquires gathering and other midstream energy assets to service natural gas production in the Appalachian Basin in Pennsylvania and West Virginia.