Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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CONSOL Energy took another step in its exit from coal with an initial mark of US$750m on the spin-off of thermal coal unit CNX Coal Resources. Even at a deeply discounted valuation, the US$150m realised on a 20% sale of the business was a
CONSOL Energy is closing in on a successful spin-off of its thermal coal unit, CNX Coal Resources. The integrated energy company will raise US$150m of gross proceeds from the offering, with Greenlight Capital taking half of the deal through a concurrent private placement.
Financials, not surprisingly, have been hard hit by uncertainties surrounding Greece and Puerto Rico, falling 2.4% Monday, the most of any sector group in the S&P 500 – all 10 sectors were down, with industrials, technology, consumer cyclicals, basic materials, and healthcare all off more than 2%.