CONSOL Energy Inc. (NYSE: CNX) opened a cash tender offer to purchase its 8% senior notes due 2017, which have an aggregate principal amount of $1.5 billion, the company said April 2.
Each note has a $1,000 principal amount and total consideration of $1,043.33, CONSOL Energy said, noting that the total consideration includes a consent payment of $20 for each principal amount.
As part of the offer, CONSOL Energy seeks consent solicitation for proposed amendments which would remove restrictive covenants from the notes’ indenture, the company added.
The tender offer is scheduled to close April 29, but there is an initial settlement date of April 16, CONSOL Energy said.
D.F. King & Co. Inc. was the tender agent and information agent, the company said. J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC were dealer managers, and also were solicitation agents for the consent solicitation, the company said.Pittsburgh-based CONSOL Energy Inc. explores, develops and produces natural gas and coal in the Appalachian Basin.
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