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CONSOL Mining prices issuance of USD300m senior secured second lien notes.

M2 EQUITYBITES-October 31, 2017-CONSOL Mining prices issuance of USD300m senior secured second lien notes

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Mining interest company CONSOL Mining Corporation said on Monday that it has priced its USD300m of its 11.00% senior secured second lien notes due 2025 at a price of 100% of their face value in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").

According to the company, the notes will pay interest semi-annually in arrears.

Subject to the satisfaction of customary closing conditions, the offering is expected to close on or about 13 November 2017.

Gross proceeds will initially be deposited into a segregated account held by the company. The release of the proceeds is conditioned upon the consummation of the separation on or prior 15 March 2018 from CONSOL Energy Inc, upon which, CONSOL Mining Corporation will redeem the notes in a special mandatory redemption at a price equal to 100% of the initial issue price of the notes, plus accrued and unpaid interest to, but excluding, the payment date of the special mandatory redemption.

Following separation prior to 15 March 2018, CONSOL Mining Corporation intends to use the net proceeds of the sale of the notes to make a payment to CONSOL Energy Inc in accordance with the conditions of the separation.

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Publication:M2 EquityBites (EQB)
Date:Oct 31, 2017
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