: 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.