CONSOL Energy announced this week that its subsidiary, CNX Coal Resources LP, filed the necessary paperwork with the U.S. Securities and Exchange Commission (SEC) for the initial public offering (IPO) 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. BofA Merrill Lynch and Wells Fargo Securities will act as book-running managers of the offering.
CONSOL Energy veteran James A. “Jimmy” Brock will lead the new MLP. Brock has been the COO of CONSOL Energy’s coal division.