Consol Mining to launch new loan at bank meeting on Monday

New York, Oct. 12 – Consol Mining Corp. will launch a new bank loan at a meeting for lenders on Monday, according to a market source.

Citigroup is leading the deal.

Consol Mining is one of the two companies that will be created by the division of Consol Energy Inc.

Consol Mining will take the Pennsylvania mining complex, Consol’s ownership interest in CNX Coal Resources LP, the marine terminal at Baltimore Port, undeveloped coal reserves located in the Northern Appalachian, Central Appalachian and Illinois basins and related coal assets and liabilities.

The remaining company will own the exploration and production assets, specifically developed and undeveloped oil and gas properties, both leased and owned in fee, located primarily in Appalachia, with a primary focus in the continued development of Marcellus Shale acreage and the delineation and development of Utica Shale acreage, along with water services and land resource management services.

Consol Energy is carrying out the split so that each company can “pursue a more focused, industry-specific strategy,” according to a 10-12B filing with the Securities and Exchange Commission.

Consol Energy is based in Canonsburg, Pa., and Consol Mining will continue to be headquartered there.

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