PITTSBURGH, June 30, 2015 /PRNewswire/ -- CNX Coal
Resources LP, a Delaware limited
partnership ("CNX Coal Resources") formed by CONSOL Energy Inc.
(NYSE: CNX) ("CONSOL"), announced today that it has priced its
initial public offering of 5,000,000 common units representing
limited partner interests at a price to the public of $15.00 per common unit. The common units
are scheduled to begin trading on the New York Stock Exchange on
July 1, 2015 under the ticker symbol
"CNXC." The underwriters of the offering have a 30-day option
to purchase up to an additional 750,000 common units to cover
over-allotments, if any.
Separately, certain funds managed by Greenlight Capital, Inc.
and its affiliates ("Greenlight Capital") have entered into a
common unit purchase agreement with CNX Coal Resources pursuant to
which Greenlight Capital has agreed to purchase, and CNX Coal
Resources has agreed to sell, 5,000,000 common units at a price per
unit equal to $15.00 in a concurrent
private placement transaction. The closing of the concurrent
private placement is conditioned upon the closing of the initial
public offering on or before July 9, 2015, as well as certain
customary closing conditions and will be completed concurrently
with the closing of the initial public offering.
At the conclusion of the initial public offering, the public
will own a 21.1% limited partner interest in CNX Coal Resources (or
a 24.3% limited partner interest if the underwriters exercise in
full their option to purchase additional common units). After
the completion of initial public offering and the closing of the
concurrent private placement of units to Greenlight Capital, CONSOL
will own a 55.8% limited partner interest in CNX Coal Resources (or
a 52.6% limited partner interest if the underwriters exercise in
full their option to purchase additional common units). In
addition, CONSOL will own, through its ownership of CNX Coal
Resources GP LLC, the general partner of CNX Coal Resources, a 2%
general partner interest and the incentive distribution rights in
CNX Coal Resources.
BofA Merrill Lynch, Wells Fargo Securities, Citigroup,
Jefferies, Scotia Howard Weil, Credit Suisse, J.P. Morgan, Evercore
ISI, BB&T Capital Markets, Goldman, Sachs & Co., The
Huntington Investment Company, Stifel and Nomura are acting as
book-running managers of the offering. Clarksons Platou
Securities, Cowen and Company and Tuohy
Brothers are acting as co-managers of the offering.
The offering of common units is being made only by means of a
written prospectus. Once it becomes available, potential
investors can obtain a written prospectus that meets the
requirements of Section 10 of the Securities Act of 1933 from:
BofA Merrill
Lynch
222
Broadway
New York, NY
10038
Attn: Prospectus
Department
email:
dg.prospectus_requests@baml.com
|
Wells Fargo
Securities
c/o Equity Syndicate
Department
375 Park
Avenue
New York, NY
10152
cmclientsupport@wellsfargo.com
Toll-Free:
1-800-326-5897
|
Citigroup
c/o Broadridge
Financial Solutions
1155 Long Island
Avenue
Edgewood, NY
11717
prospectus@citi.com
Toll-Free:
1-800-831-9146
|
Jefferies
Attention: Prospectus
Department
520 Madison Avenue,
2nd Floor
New York, NY
10022
Telephone:
1-877-547-6340
E-mail:
Prospectus_Department@Jefferies.com
|
Scotia Howard
Weil
Attention:
Equity Capital Markets
250 Vesey Street, 24th Floor
New York, New York 10281
Telephone: (212) 225-6854
Email:
us.ecm.syndicate@scotiabank.com
|
Credit
Suisse
Attn: Prospectus
Department
One Madison
Avenue
New York, NY
10010
Telephone: (800)
221-1037
Email:
newyork.prospectus@credit-suisse.com
|
J.P. Morgan
Securities LLC
c/o Broadridge
Financial Solutions
1155 Long Island
Avenue
Edgewood, New York,
11717
Telephone: (866)
803-9204
|
Evercore
ISI
Attn: Equity Capital
Markets,
55 East 52nd Street,
36th Floor, New York, NY 10055,
Telephone: (212)
653-9054
Email:
ecm@evercore.com
|
BB&T Capital
Markets
Attn: Prospectus
Dept
901 East Byrd St, 3rd
fl
Richmond, VA
23219
804-780-3283
Email:
prospectusrequests@bbandtcm.com
|
Goldman, Sachs &
Co.
Attn: Prospectus
Department
200 West
Street
New York, NY
10282
Telephone: (866)
471-2526
Email:
prospectus-ny@ny.email.gs.com
|
The Huntington
Investment Company
200 Public
Square
Cleveland, OH.
44114
Telephone: (216)
515-6328
Email:
barry.fredrickson@huntington.com
|
Stifel, Nicolaus
& Company, Incorporated
1 South Street, 15th
Floor
Baltimore, Maryland
21202
Telephone:
855-300-7136
Email:
syndprospectus@stifel.com
|
Nomura Securities
International, Inc.
Equity Syndicate
Department 5Th Floor
Worldwide
Plaza
309 West 49th
Street
New York, New York
10019-7316
|
Clarksons Platou
Securities
410 Park Avenue|
Suite 710
New York, NY
10022
(212)
314-0900
prospectus@clarksons.com
|
Cowen and Company,
LLC
c/o Broadridge Financial Solutions, Prospectus Department
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 631-274-2806
Fax:
631-254-7140
|
Tuohy Brothers
Investment Research
575 Madison Avenue - 10th Floor
New York, NY 10022
212.605.0450
|
|
|
A registration statement relating to these securities has been
filed with and declared effective by the Securities and Exchange
Commission ("SEC"). This press release shall not constitute
an offer to sell or the solicitation of an offer to buy the
securities, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any such state or jurisdiction.
When available, to obtain a copy of the prospectus free of
charge, visit the SEC's website, www.sec.gov, and search
under the registrant's name, "CNX Coal Resources LP."
About CNX Coal Resources
CNX Coal Resources is a growth-oriented master limited
partnership recently formed by CONSOL to manage and further develop
all of CONSOL's active thermal coal operations in Pennsylvania. Its initial assets include
a 20% undivided interest in, and operational control over, CONSOL's
Pennsylvania mining complex, which
consists of three underground mines and related infrastructure.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Statements that
are predictive in nature, that depend upon or refer to future
events or conditions or that include the words "believe," "expect,"
"anticipate," "intend," "estimate" and other expressions that are
predictions of or indicate future events and trends and that do not
relate to historical matters identify forward-looking
statements. Forward-looking statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict, and there can be no
assurance that actual outcomes and results will not differ
materially from those expected by our management. These
forward-looking statements involve certain risks and uncertainties,
including, among others, that our business plans may change as
circumstances warrant, our common units may not begin trading on
the New York Stock Exchange as expected and the offering may not
close as expected. For more information concerning factors
that could cause actual results to differ materially from those
conveyed in the forward-looking statements, please refer to the
"Risk Factors" section of the prospectus included in the
registration statement on Form S-1, in the form last filed with the
SEC. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise,
unless required by law.
Logo -
http://photos.prnewswire.com/prnh/20120416/NE87957LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cnx-coal-resources-lp-prices-initial-public-offering-300107230.html
SOURCE CONSOL Energy Inc.