News Releases

Baker Botts Represents Evercore Partners as Financial Advisor to the Conflicts Committee of the Board of Directors of CNX Coal Resources GP LLC in its Acquisition of Additional Interests in the Pennsylvania Mining Complex

Deal Description: October 3, 2016 – CNX Coal Resources LP (NYSE: CNXC) (the "Partnership") and CONSOL Energy Inc. (NYSE: CNX) (the "Sponsor"), announced that the Partnership has acquired an additional 5% undivided interest in the Pennsylvania Mining Complex ("PAMC") and associated infrastructure from the Sponsor for $88.8 million. The transaction is effective September 30, 2016. The acquisition increased the Partnership's undivided interest in the PAMC to 25%. 

CNXC funded the transaction with a combination of available borrowings under its credit facility in the amount of $21.5 million and the issuance of convertible preferred units representing limited partner interests to the Sponsor valued at $67.3 million. 

Baker Botts represented Evercore Partners as financial advisor to the conflicts committee of the board of directors of CNX Coal Resources GP LLC. 

Baker Botts Lawyers/Office Involved: Hillary Holmes (Partner, Houston); Monica White (Associate, Houston)

For more information, please see CNXC’s news release by clicking here.