Coal and natural gas producer Consol Energy Inc. plans to sell $2.75 billion in senior notes to finance a portion of its proposed almost $3.5 billion acquisition of the Appalachian oil and gas exploration and production business of Dominion Resources Inc.Consol said late Thursday that it had agreed to sell $1.5 billion of 8 percent senior notes due 2017 and $1.25 billion of 8.25 percent senior notes due 2020 in a private offering.
The sale will generate net proceeds of about $2.7 billion, the company said.
Consol hopes to complete the acquisition by April 30. If the acquisition is not completed the company will be required to redeem all of the notes.
Shares of the company fell 7 cents to $42.90 in premarket trading.
source : AP
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