On March 2, CONSOL Energy, a Pittsburgh, US-based diversified fuel producer including metalurgical coal, announced that it has agreed to sell $250 million of 6.375 percent senior notes due 2021. The notes will be guaranteed by substantially all of the company's existing and future wholly-owned domestic restricted subsidiaries.
The company plans to use the net proceeds of the notes offering to repay its outstanding 7.875 percent 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.