CNX Coal Resources LP Prices Initial Public Offering

PITTSBURGH, June 30, 2015 /PRNewswire/ -- CNX Coal Resources LP, a Delaware limited partnership ("CNX Coal Resources") formed by CONSOL Energy Inc. (NYSE: CNX) ("CONSOL"), announced today that it has priced its initial public offering of 5,000,000 common units representing limited partner interests at a price to the public of $15.00 per common unit.  The common units are scheduled to begin trading on the New York Stock Exchange on July 1, 2015 under the ticker symbol "CNXC."  The underwriters of the offering have a 30-day option to purchase up to an additional 750,000 common units to cover over-allotments, if any.

Separately, certain funds managed by Greenlight Capital, Inc. and its affiliates ("Greenlight Capital") have entered into a common unit purchase agreement with CNX Coal Resources pursuant to which Greenlight Capital has agreed to purchase, and CNX Coal Resources has agreed to sell, 5,000,000 common units at a price per unit equal to $15.00 in a concurrent private placement transaction. The closing of the concurrent private placement is conditioned upon the closing of the initial public offering on or before July 9, 2015, as well as certain customary closing conditions and will be completed concurrently with the closing of the initial public offering.

At the conclusion of the initial public offering, the public will own a 21.1% limited partner interest in CNX Coal Resources (or a 24.3% limited partner interest if the underwriters exercise in full their option to purchase additional common units).  After the completion of initial public offering and the closing of the concurrent private placement of units to Greenlight Capital, CONSOL will own a 55.8% limited partner interest in CNX Coal Resources (or a 52.6% 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:

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission ("SEC").  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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws.  Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by our management.  These forward-looking statements involve certain risks and uncertainties, including, among others, that our business plans may change as circumstances warrant, our common units may not begin trading on the New York Stock Exchange as expected and the offering may not close as expected.  For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the prospectus included in the registration statement on Form S-1, in the form last filed with the SEC.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Logo - http://photos.prnewswire.com/prnh/20120416/NE87957LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cnx-coal-resources-lp-prices-initial-public-offering-300107230.html

SOURCE CONSOL Energy Inc.