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