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.
Amount:	$1.6 billion
Maturity:	April 15, 2022
Securities:	Senior notes
Joint physical bookrunners:	J.P. J.P. Morgan Securities LLC (bill and deliver), Credit Suisse Securities (USA) LLC
Joint bookrunners:	BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC
Senior co-managers:	Stifel Nicholas & Co. Inc., Mitsubishi UFJ Securities, PNC Capital Markets, Scotia Capital, RBS Securities Inc.
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.
Coupon:	5 7/8%
Price:	Par
Yield:	5 7/8%
Spread:	347 bps
First call:	April 15, 2017 at 104.406
Trade date:	April 10
Settlement date:	April 16
Ratings:	Moody's: B1
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5¾% to 6%
Marketing:	Roadshow

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