PITTSBURGH, March 24, 2015 /PRNewswire/ -- CONSOL Energy
Inc. (NYSE: CNX) ("CONSOL") today announced that it intends,
subject to market and other conditions, to offer and sell to
eligible purchasers $650 million of
senior notes due 2023 (the "Notes"). 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, together with borrowings under its revolving credit
facility to the extent necessary, to purchase all of the
approximately $1.02 billion in its
outstanding 8.25% senior notes due 2020 (the "2020 Notes") and the
$250 million in its outstanding
6.375% senior notes due 2021 (the "2021 Notes") pursuant to the
tender offers and consent solicitations that commenced on
March 9, 2015. CONSOL intends
to use any remaining proceeds from the offering, together with
borrowings under its revolving credit facility, to redeem any
remaining 2020 Notes.
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.
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 2014 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.