PITTSBURGH, April 10, 2014 /PRNewswire/ -- CONSOL Energy
Inc. (NYSE: CNX) ("CONSOL") today announced the pricing of
$1.6 billion of its 5.875% senior
notes due 2022 (the "Notes") at par. The offering is expected
to close on April 16, 2014, subject
to the satisfaction of customary closing conditions. The
Notes will be guaranteed by substantially all of CONSOL's
wholly-owned domestic restricted subsidiaries.
CONSOL intends to use the net proceeds of the sale of the Notes
to purchase all $1.5 billion in its
outstanding 8.00% senior notes due 2017 (the "2017 Notes") pursuant
to a tender offer and consent solicitation which commenced on
April 2, 2014. If any of the
2017 Notes are not purchased in the tender offer, CONSOL intends to
use a portion of the net proceeds from the offering to refinance
the redemption of the 2017 Notes. CONSOL intends to use any
remaining proceeds to repay other outstanding senior
indebtedness.
The Notes have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or any state securities
laws and, unless so registered, may not be offered or sold in
the United States except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and the rules
promulgated thereunder and applicable state securities laws. The
Notes will be offered only to qualified institutional buyers in
reliance on Rule 144A under the Securities Act and non-U.S. persons
in transactions outside the United
States in reliance on Regulation S under the Securities
Act.
CONSOL is a Pittsburgh-based
producer of natural gas and coal. CONSOL is one of the largest
independent natural gas exploration, development and production
companies, with operations centered in the major shale formations
of the Appalachian basin. Additional information may be found at
www.consolenergy.com.
Cautionary Statements:
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any notes nor shall there be any
sale of notes in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
Various statements in this release, including those that express
a belief, expectation or intention, may be considered
forward-looking statements (as defined in Section 21E of the
Exchange Act) that involve risks and uncertainties that could cause
actual results to differ materially from projected results.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
forward-looking statements may include projections and estimates
concerning the timing and success of specific projects and our
future production, revenues, income and capital spending.
When we use the words "believe," "intend," "expect," "may,"
"should," "anticipate," "could," "estimate," "plan," "predict,"
"project," or their negatives, or other similar expressions, the
statements which include those words are usually forward-looking
statements. When we describe strategy that involves risks or
uncertainties, we are making forward-looking statements. The
forward-looking statements in this press release, if any, speak
only as of the date of this press release; we disclaim any
obligation to update these statements. We have based these
forward-looking statements on our current expectations and
assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies and uncertainties, most
of which are difficult to predict and many of which are beyond our
control. These risks, contingencies and uncertainties relate to,
among other matters, the factors discussed in the 2013 Form 10-K
under "Risk Factors," as updated by any subsequent Form 10-Qs,
which are on file at the Securities and Exchange Commission.
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SOURCE CONSOL Energy Inc.