PITTSBURGH, April 1, 2015 /PRNewswire/ -- CONSOL Energy
Inc. ("CONSOL Energy") (NYSE: CNX) announced today that its
subsidiary, CNX Coal Resources LP ("CNX Coal Resources"), filed a
Registration Statement on Form S-1 with the U.S. Securities and
Exchange Commission (the "SEC") for the initial public offering of
common units representing limited partner interests. CNX Coal
Resources' initial assets are expected to consist of a 20%
undivided interest in, and operational control over, CONSOL
Energy's Pennsylvania mining
complex, which consists of three underground mines (the Bailey
Mine, the Enlow Fork Mine and the Harvey Mine) and related
infrastructure.
The number of common units to be offered and the price range for
the offering have not been determined. The offering is
expected to be completed in mid-2015. CNX Coal Resources
intends to apply to list the common units on the New York Stock
Exchange under the symbol "CNXC."
A registration statement relating to the common units of CNX
Coal Resources has been filed with the SEC but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective.
BofA Merrill Lynch and Wells Fargo Securities will act as
book-running managers of the offering. The offering of common
units will be made only by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, copies of
which, when available, may be obtained from:
BofA Merrill
Lynch
Prospectus
Department
222
Broadway
New York, New York
10038
dg.prospectus_requests@baml.com
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|
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Wells Fargo
Securities, LLC
Equity Syndicate
Department
375 Park
Avenue
New York, New York
10152
cmclientsupport@wellsfargo.com
800-326-5897
|
When available, to obtain a copy of the preliminary prospectus,
free of charge, visit the SEC's website and search under "CNX Coal
Resources LP."
Forward-Looking Statements
Various statements in this release, including those that express
a belief, expectation or intention, may be considered
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) 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 future
production, revenues, income and capital spending. Words such as
"believe," "intend," "expect," "may," "should," "anticipate,"
"could," "estimate," "plan," "predict," "project" or their
negatives, or other similar expressions, may be used to identify
forward-looking statements. The forward-looking statements in this
press release speak only as of the date of this press release (and
there is no obligation to update forward-looking statements should
circumstances or estimates or opinions change) and are not
statements of historical fact. Forward-looking statements are based
on current expectations, estimates and assumptions that involve a
number of risks and uncertainties that could cause actual results
to differ materially from those projected. These risks include,
without limitation, that the initial public offering of CNX Coal
Resources is not consummated. Furthermore, the structure,
nature, purpose and proposed assets and liabilities of CNX Coal
Resources may change materially from those described herein. No
assurance can be given as to the value of CNX Coal Resources, the
price at which its common units may be offered or whether a liquid
market for those common units will develop or be maintained. In
addition, in evaluating strategic alternatives with respect to its
coal assets, CONSOL Energy will be subject to the risks normally
attendant to businesses in the coal industry, including, without
limitation, the volatility in commodity prices for coal, the
presence or recoverability of estimated reserves, the ability to
replace reserves, environmental risks, mining and operating risks,
exploration and development risks, competition, government
regulation or other risks.
About CONSOL Energy
CONSOL Energy is a Pittsburgh-based producer of natural gas and
coal. The company 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.
CONSOL Energy deploys an organic growth strategy focused on
efficiently developing its resource base. The company's coals are
sold to electricity generators and steel makers, both domestically
and internationally.
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SOURCE CONSOL Energy Inc.