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Consol Energy details pricing of amended revolving credit facility
By Jennifer Chiou
New York, April 18 - Consol Energy Inc. revealed the specifics of its previously announced amended and restated $1.5 billion senior secured credit agreement, according to an 8-K filing with the Securities and Exchange Commission.
Borrowings will bear interest at Libor plus 175 basis points to 275 bps, and the facility will mature on April 12, 2016.
In addition, Consol must maintain at the end of each fiscal quarter:
• A leverage ratio not greater than 4.75 to 1.0 through March 31, 2013 and 4.50 to 1.0 from June 30, 2013 and thereafter;
• An interest coverage ratio equal to or greater than 2.5 to 1.0; and
• A senior secured leverage ratio not greater than 2.0 to 1.0.
As previously noted, subsidiary CNX Gas Corp. also amended and restated its senior secured credit agreement, which has pricing of Libor plus 150 bps to 250 bps. The new agreement provides for a $1 billion revolving credit facility, up from $700 million. This revolver also matures on April 12, 2016.
For both facilities, PNC Bank, NA was the administrative agent, Bank of America, NA acted as syndication agent and PNC Capital Markets LLC and Bank of America Merrill Lynch were the joint lead arrangers.
Bank of Nova Scotia, Royal Bank of Scotland plc and Sovereign Bank acted as co-documentation agents for Consol Energy. Bank of Nova Scotia, RBS and Wells Fargo Bank, NA acted as co-documentation agents for CNX Gas.
For the CNX Gas facility, the company is required to maintain a leverage ratio of no greater than 3.5 to 1.0 and an interest coverage ratio equal to or greater than 3.0 to 1.0.
Proceeds from both facilities will be used for general corporate purposes.
Consol is a diversified fuel producer based in Pittsburgh.
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