Published on 4/10/2014 in the Prospect News High Yield Daily.
New Issue: Consol Energy prices $1.6 billion eight-year notes at par to yield 5 7/8%
By Paul A. Harris
Portland, Ore., April 10 - Consol Energy Inc. priced a $1.6 billion issue of eight-year senior notes (B1/BB) at par to yield 5 7/8% on Thursday, according to market sources.
The yield printed in the middle of the 5¾% to 6% yield talk.
Joint physical bookrunner J.P. Morgan Securities LLC will bill and deliver. Credit Suisse Securities (USA) LLC was also a joint physical bookrunner.
BofA Merrill Lynch, Goldman Sachs & Co. and Wells Fargo Securities LLC were joint bookrunners.
The Pittsburgh-based coal and natural gas producer plans to use the proceeds to fund a tender offer for its $1.5 billion of 8% senior notes due 2017.
Issuer: | Consol Energy Inc.
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Amount: | $1.6 billion
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Maturity: | April 15, 2022
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Securities: | Senior notes
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Joint physical bookrunners: | J.P. J.P. Morgan Securities LLC (bill and deliver), Credit Suisse Securities (USA) LLC
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Joint bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC
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Senior co-managers: | Stifel Nicholas & Co. Inc., Mitsubishi UFJ Securities, PNC Capital Markets, Scotia Capital, RBS Securities Inc.
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Co-managers: | BBVA, BB&T, Brean, Capital One South Coast, CIBC World Markets, Clarkson, Cowen & Co., Credit Agricole CIB, FBR, ING, Natixis, Nomura, Raymond James, Simmons, Sterne Agee, Tudor, U.S. Bancorp Investments Inc.
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Coupon: | 5 7/8%
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Price: | Par
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Yield: | 5 7/8%
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Spread: | 347 bps
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First call: | April 15, 2017 at 104.406
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Trade date: | April 10
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Settlement date: | April 16
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Ratings: | Moody's: B1
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| Standard & Poor's: BB
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 5¾% to 6%
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Marketing: | Roadshow
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