Consol Energy gets $2 billion amended, restated five-year revolver

By Angela McDaniels

Tacoma, Wash., June 24 – Consol Energy Inc. entered into an amended and restated credit agreement on June 18 that provides for a $2 billion senior secured revolving credit facility due June 18, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The availability under the revolver, including availability for letters of credit, is generally limited to a borrowing base that is determined by calculating a loan value of the company’s proved reserves.

The interest rate is Libor plus 150 basis points to 250 bps.

PNC Bank, NA is the administrative agent. Bank of America, NA is the syndication agent. Credit Suisse AG and JPMorgan Chase Bank, NA are the co-documentation agents. PNC Capital Markets LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the joint lead arrangers and joint bookrunners.

The new senior secured revolver replaced the company’s existing $1 billion senior secured revolver and the existing $1 billion senior secured revolver of CNX Gas Corp., both of which had been entered into on April 12, 2011.

In addition to refinancing all outstanding amounts under the old revolvers, borrowings under the new revolver may be used by Consol Energy for general corporate purposes.

Under the financial covenants, the company must maintain at the end of each quarter an interest coverage ratio of at least 2.5 to 1.0 and a minimum current ratio of at least 1.0 to 1.0.

Consol Energy is a Pittsburgh-based producer of natural gas and coal.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.