PITTSBURGH, July 29, 2014 /PRNewswire/ -- CONSOL Energy
Inc. (NYSE: CNX) ("CONSOL") today announced the pricing of an
additional $250 million of its 5.875%
senior notes due 2022 (the "Additional Notes") at a price equal to
102.75% of the principal amount of the Additional Notes. The
offering was upsized from the previously announced $200 million aggregate principal amount. The
offering is expected to close on August 12,
2014, subject to the satisfaction of customary closing
conditions. CONSOL initially offered and sold $1.6 billion aggregate principal amount of notes
of the same series on April 16, 2014
(the "Initial Notes").
The Additional Notes will have identical terms, other than the
issue date, issue price and, with regard to Additional Notes sold
in reliance on Regulation S under the Securities Act of 1933, as
amended (the "Securities Act"), CUSIP number as the Initial Notes.
Like the Initial Notes, the Additional 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 Additional Notes to purchase up to $200
million principal amount of its 8.25% senior notes due 2020
through a modified "Dutch Auction" cash tender offer, which was
commenced earlier today. We intend to use any remaining proceeds
for general corporate purposes.
The Additional Notes have not been registered under 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
Additional 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 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.