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Consol Energy begins tender offer, consent solicitation for 8% notes
By Angela McDaniels
Tacoma, Wash., April 2 - Consol Energy Inc. began a tender offer for any and all of its $1.5 billion 8% senior notes due 2017, according to a company news release.
Consol is also soliciting consents to proposed amendments that would eliminate substantially all restrictive covenants and some default provisions in the indenture governing the notes.
Consents are needed from the holders of a majority of the notes in order to make the amendments. Holders may not tender their notes without delivering consents or vice versa.
The company is offering $1,043.33 per $1,000 principal amount of notes. This includes a $20.00 consent payment for each note tendered by 5 p.m. ET on April 15, the consent expiration.
Holders will also receive accrued interest up to but excluding the payment date.
The offer will end at 11:59 p.m. ET on April 29.
The company has an early settlement option. As long as the offer conditions have been satisfied, the settlement date for notes tendered by the consent expiration could be as early as April 16. The final settlement date is expected to be April 30.
The offer is subject to the receipt of the necessary consents, the execution of a supplemental indenture effecting the amendments and the consummation of one or more debt financings raising enough proceeds to fund the offer.
The dealer managers are J.P. Morgan Securities LLC (212 834-4802 or 866 834-4666) and Credit Suisse Securities (USA) LLC (212 325-2476 or 800 820-1653). The tender agent and information agent is D.F. King & Co., Inc. (800 967-4612 or cnx@dfking.com).
Consol Energy is a Pittsburgh-based producer of natural gas and coal.
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