CNX Coal Resources LP, an MLP recently formed by CONSOL Energy to operate its Pennsylvania coal mines, announced terms for its IPO on Monday.
The Canonsburg, PA-based company plans to raise $200 million by offering 10 million shares at a price range of $19 to $21. At the midpoint of the proposed range, CNX Coal Resources LP would command a market value of $474 million.
CONSOL Energy (NYSE: CNX) was also behind CONE Midstream Partners LP (CNNX; -14%), a natural gas gathering joint venture with Noble that IPO'd in September 2014. The last coal IPO, Foresight Energy LP (FELP; -27%), went public in June 2014.
CNX Coal Resources LP, which was formed in 2015 and booked $327 million in predecessor sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol CNXC. BofA Merrill Lynch, Wells Fargo Securities, Citi, Jefferies, Scotiabank/Howard Weil, Credit Suisse, J.P. Morgan, Evercore Partners, BB&T Capital Markets, Goldman Sachs, Huntington Investment, Stifel and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2015.
