CNX Coal Resources LP, a Delaware limited partnership (“CNX Coal Resources”) formed by CONSOL Energy Inc. (NYSE: CNX) (“CONSOL”), announced today that it has launched its initial public offering of 10,000,000 common units representing limited partner interests. The common units are expected to trade on the New York Stock Exchange under the ticker symbol “CNXC.” The underwriters of the offering will have a 30-day option to purchase up to an additional 1,500,000 common units to cover over-allotments, if any.
The common units being offered in the offering represent a 42.2% limited partner interest in CNX Coal Resources (or a 48.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units). CONSOL will own a 55.8% limited partner interest in CNX Coal Resources (or a 49.5% 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:
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BofA Merrill Lynch 222 Broadway New York, NY 10038 Attn: Prospectus Department |
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 Toll-Free: 1-800-831-9146
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Jefferies Attention: Prospectus Department 520 Madison Avenue, 2nd Floor New York, NY 10022 Telephone: 1-877-547-6340 E-mail: Prospectus_Department@Jefferies.com
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Scotia Howard Weil Attention: Equity Capital Markets Email: us.ecm.syndicate@scotiabank.com
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Credit Suisse Attn: Prospectus Department One Madison Avenue New York, NY 10010 Telephone: (800) 221-1037 Email: newyork.prospectus@credit-suisse.com
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J.P. Morgan Securities LLC c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, New York, 11717 Telephone: (866) 803-9204
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Evercore ISI Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, Telephone: (212) 653-9054 Email: ecm@evercore.com
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BB&T Capital Markets Attn: Prospectus Dept 901 East Byrd St, 3rd fl Richmond, VA 23219 804-780-3283 Email: prospectusrequests@bbandtcm.com
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Goldman, Sachs & Co. Attn: Prospectus Department 200 West Street New York, NY 10282 Telephone: (866) 471-2526 Email: prospectus-ny@ny.email.gs.com
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The Huntington Investment Company 200 Public Square Cleveland, OH. 44114 Telephone: (216) 515-6328 Email: barry.fredrickson@huntington.com
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Stifel, Nicolaus & Company, Incorporated 1 South Street, 15th Floor Baltimore, Maryland 21202 Telephone: 855-300-7136 Email: syndprospectus@stifel.com |
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Nomura Securities International, Inc. Equity Syndicate Department 5Th Floor Worldwide Plaza 309 West 49th Street New York, New York 10019-7316
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Clarksons Platou Securities 410 Park Avenue| Suite 710 New York, NY 10022 (212) 314-0900
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Cowen and Company, LLC Fax: 631-254-7140
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Tuohy Brothers Investment Research
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A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“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. 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.
