XML 40 R26.htm IDEA: XBRL DOCUMENT v3.22.2
Note 17 - Subsequent Events
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 17—SUBSEQUENT EVENTS:

 

During July 2022, CONSOL Energy amended and extended the Revolving Credit Facility and accounts receivable securitization facility, extending the maturities by four years and three years, respectively. With respect to the Revolving Credit Facility, the amendment increased the borrowing commitments by $260 million, which includes more than $100 million of commitments from new lenders to the facility and nearly $40 million of increased commitments from certain extending lenders. In conjunction with the non-extending lenders, CONSOL Energy will maintain full access to the current $400 million available under the Revolving Credit Facility until its maturity at the end of March 2023. At that point, the Company's borrowing limit under the Revolving Credit Facility will be reduced to $260 million until the facility's maturity date in July 2026. The accounts receivable securitization facility maintains a capacity of $100 million and is extended until July 2025. The amendments also effected certain other modifications to the borrowing base calculations to achieve higher utilization of the facility.

 

On August 1, 2022, CONSOL Energy Inc.'s Board of Directors approved an enhanced shareholder capital return program, which will begin in the third quarter of 2022 that will, subject to the discretion of the Board of Directors, return approximately 35% of quarterly free cash flow in the form of quarterly dividends and/or share repurchases.

 

On August 1, 2022, CONSOL Energy Inc.'s Board of Directors approved an expansion of the stock and debt repurchase program. The aggregate amount of the program's expansion is $280 million, bringing the total amount of the Company's stock and debt repurchase program to $600 million. The Company's Board of Directors also approved extending the termination date of the program from December 31, 2022 to December 31, 2024. The program's available capacity as of August 4, 2022 is approximately $381 million.

 

On August 4, 2022, CONSOL Energy announced a $1.00/share special dividend for the second quarter of 2022 in an aggregate amount of approximately $35 million, payable on August 24, 2022 to all stockholders of record as of August 16, 2022.