CONSOL has commenced an offering in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), of $250 million of senior notes due 2021 (the "Notes"). The Notes will be guaranteed by substantially all of the company's existing and future domestic restricted subsidiaries.
The company plans to use the net proceeds of the notes offering to repay its outstanding 7.875% senior secured notes due March 1, 2012 on or before their maturity. Pending such use, the proceeds may be used to reduce outstanding indebtedness under the company's short term credit facilities and accounts receivable securitization facility and may be used for general corporate purposes.
The Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States, only to non-U.S. investors pursuant to Regulation S. The Notes will not be initially registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws.
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