Jefferies Raises Price Target on CNX Coal Resources LP (CNXC) to $18; Reiterates Hold
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CNX Coal Resources Acquires Additional Interest in Pennsylvania Mining Complex
October 3, 2016 7:00 AM EDTPITTSBURGH, Oct. 3, 2016 /PRNewswire/ --Â CNX Coal Resources LP (NYSE: CNXC) (the "Partnership") and CONSOL Energy Inc. (NYSE: CNX) (the "Sponsor"), announced that the Partnership has acquired an additional 5% undivided interest in the Pennsylvania Mining Complex ("PAMC") and associated infrastructure from the Sponsor for $88.8 million. The transaction is effective September 30, 2016. The acquisition increased the Partnership's undivided interest in the PAMC to 25%.
CNXC funded the transaction with a combination of available borrowings under its credit facility in the amount of $21.5 million and the issuance of convertible preferred... More
