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CNX Coal Resources announces plans for IPO

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World Coal,


CNX Coal Resources LP – a master limited partnership formed by CONSOL Energy to house its Pennsylvania coal mining assets – has launched its initial public offering (IPO) of 10 million shares. The shares represent a 42.2% stake in CNX Coal Resources and will be offered at a price range of US$19 – 21 per share.

Following the IPO the underwriters will have a 30 day period to purchase an additional 1.5 million common units to cover over-allotments, should any occur.

The IPO is scheduled to take place on 22 June and aims to raise US$200 million. CONSOL Energy will retain a 55.8% interest in the company (or a 49.5% interest, if the underwriters exercise their full option to purchase additional shares). In addition, the Pittsburgh-based company will own a 2% general partner interest and the incentive distribution rights in CNX Coal Resources through its ownership of the CNX Coal Resources GP LCC – the general partner of CNS Coal Resources.

CNX Coal Resources plans to list on the New York Stock Exchange under the ticker symbol CNXC.

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Read the article online at: https://www.worldcoal.com/coal/16062015/cnx-coal-resources-announces-plans-for-ipo-2424/


 

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