Core Natural Resources Announces Completion of Highly Successful Refinancing Effort
Core Natural Resources (NYSE: CNR) has successfully completed a refinancing of tax-exempt bonds previously issued by CONSOL Energy and Arch Resources, following their merger in January 2025. The refinancing increased the total bond amount from $276 million to $307 million, with a 10-year term maturing in March 2035.
The company achieved a reduced weighted average interest rate of 5.3% despite the current high-interest environment. The transaction, which represents the majority of Core's debt, attracted 39 institutional investors and was more than six times oversubscribed. The refinancing was supported by Jefferies and KeyBanc Capital as co-lead bookrunners, along with B.Riley Securities, Goldman Sachs, PNC Capital Markets , and Texas Capital Markets.
Core Natural Resources (NYSE: CNR) ha completato con successo un rifinanziamento di obbligazioni esenti da tasse precedentemente emesse da CONSOL Energy e Arch Resources, a seguito della loro fusione nel gennaio 2025. Il rifinanziamento ha aumentato l'importo totale delle obbligazioni da $276 milioni a $307 milioni, con un termine di 10 anni che scade a marzo 2035.
L'azienda ha raggiunto un tasso d'interesse medio ponderato ridotto del 5,3% nonostante l'attuale ambiente ad alto tasso d'interesse. L'operazione, che rappresenta la maggior parte del debito di Core, ha attratto 39 investitori istituzionali ed è stata sovrascritta più di sei volte. Il rifinanziamento è stato supportato da Jefferies e KeyBanc Capital come co-lead bookrunners, insieme a B.Riley Securities, Goldman Sachs, PNC Capital Markets e Texas Capital Markets.
Core Natural Resources (NYSE: CNR) ha completado con éxito un refinanciamiento de bonos exentos de impuestos previamente emitidos por CONSOL Energy y Arch Resources, tras su fusión en enero de 2025. El refinanciamiento aumentó el monto total de los bonos de $276 millones a $307 millones, con un plazo de 10 años que vence en marzo de 2035.
La empresa logró una tasa de interés promedio ponderada reducida del 5.3% a pesar del actual entorno de altos intereses. La transacción, que representa la mayoría de la deuda de Core, atrajo a 39 inversionistas institucionales y fue más de seis veces sobreecrita. El refinanciamiento fue respaldado por Jefferies y KeyBanc Capital como co-líderes de la emisión, junto con B.Riley Securities, Goldman Sachs, PNC Capital Markets y Texas Capital Markets.
코어 내추럴 리소스 (NYSE: CNR)는 2025년 1월 CONSOL Energy와 Arch Resources의 합병 이후에 발행된 세금 면제 채권의 재융자를 성공적으로 완료했습니다. 이번 재융자를 통해 총 채권 금액이 $276백만에서 $307백만으로 증가했으며, 10년 만기인 2035년 3월에 만료됩니다.
회사는 현재의 고금리 환경에도 불구하고 5.3%의 낮은 가중 평균 이자율을 달성했습니다. 이번 거래는 코어의 부채 대부분을 차지하며, 39명의 기관 투자자를 유치했고, 6배 이상의 과다 청약이 있었습니다. 재융자는 Jefferies와 KeyBanc Capital이 공동 주관자로 지원했으며, B.Riley Securities, Goldman Sachs, PNC Capital Markets 및 Texas Capital Markets가 함께했습니다.
Core Natural Resources (NYSE: CNR) a réussi à finaliser un refinancement d'obligations exonérées d'impôts précédemment émises par CONSOL Energy et Arch Resources, suite à leur fusion en janvier 2025. Le refinancement a augmenté le montant total des obligations de $276 millions à $307 millions, avec un terme de 10 ans arrivant à échéance en mars 2035.
L'entreprise a atteint un taux d'intérêt moyen pondéré réduit de 5,3% malgré l'environnement actuel de taux d'intérêt élevés. La transaction, qui représente la majorité de la dette de Core, a attiré 39 investisseurs institutionnels et a été sursouscrite plus de six fois. Le refinancement a été soutenu par Jefferies et KeyBanc Capital en tant que co-chefs de file, avec B.Riley Securities, Goldman Sachs, PNC Capital Markets et Texas Capital Markets.
Core Natural Resources (NYSE: CNR) hat erfolgreich eine Refinanzierung von steuerfreien Anleihen abgeschlossen, die zuvor von CONSOL Energy und Arch Resources ausgegeben wurden, nach ihrer Fusion im Januar 2025. Die Refinanzierung erhöhte den Gesamtbetrag der Anleihen von $276 Millionen auf $307 Millionen, mit einer Laufzeit von 10 Jahren, die im März 2035 fällig wird.
Das Unternehmen erreichte einen reduzierten gewichteten durchschnittlichen Zinssatz von 5,3%, trotz des aktuellen Umfelds mit hohen Zinsen. Die Transaktion, die den Großteil der Schulden von Core ausmacht, zog 39 institutionelle Investoren an und war mehr als sechsmal überzeichnet. Die Refinanzierung wurde von Jefferies und KeyBanc Capital als Co-Leitbuchführer unterstützt, zusammen mit B.Riley Securities, Goldman Sachs, PNC Capital Markets und Texas Capital Markets.
- Increased bond amount by $31 million to $307 million, indicating strong market confidence
- Reduced weighted average interest rate to 5.3% in high-interest environment
- Secured 6x oversubscription from 39 institutional investors
- Improved debt flexibility with unsecured bonds structure
- Extended debt maturity to 10-year term (March 2035)
- Increased total debt burden by $31 million
Insights
Core Natural Resources' refinancing represents a significant enhancement to its capital structure with multiple positive financial outcomes. The company has successfully increased its bond issuance by 11.2% from
The refinancing includes several strategic improvements beyond just the rate reduction. The company has established a longer 10-year maturity horizon extending to 2035 and converted the bonds to unsecured status, indicating strong creditor confidence in Core's financial standing. This structure provides management with enhanced operational flexibility and improved cash flow through lower debt service costs.
What's most revealing about market perception is the extraordinary 6x oversubscription rate with participation from 39 institutional investors. This level of demand signals exceptional confidence in Core's post-merger prospects and financial stability. The timing is particularly strategic as this represents one of the first major financial moves following the January 2025 merger of CONSOL and Arch.
By refinancing what management describes as "the vast majority of Core's debt," the company has effectively transformed its entire debt profile to support both near-term financial flexibility and long-term growth initiatives. This comprehensive debt optimization positions Core to operate efficiently across various market environments while maintaining the financial agility needed in the natural resources sector.
As part of this refinancing effort, Core:
- Increased the total bond amount from
$276 million $307 million - Established a 10-year initial term for the now unsecured bonds, which mature in March 2035
- Improved flexibility relative to the prior bonds, and
- Reduced the weighted average interest rate to
5.3% despite today's substantially higher interest rate environment
"We greatly appreciate the strong support of our financing partners and the states of
Thirty-nine institutional investors participated in the transactions, which were more than six times oversubscribed on a cumulative basis.
Jefferies LLC and KeyBanc Capital were co-lead bookrunners on the transactions. Also providing support were B.Riley Securities, Goldman Sachs, PNC Capital Markets LLC, and Texas Capital Markets.
About Core Natural Resources, Inc.
Core Natural Resources, Inc. (NYSE: CNR) is a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and high calorific value thermal coals. The company operates a best-in-sector portfolio, including the Pennsylvania Mining Complex, Leer, Leer South, and West Elk mines. With a focus on seaborne markets, Core plays an essential role in meeting the world's growing need for steel, infrastructure, and energy, and has ownership interests in two marine export terminals. The company was created in January 2025 via the merger of long-time industry leaders CONSOL Energy and Arch Resources and is based in
Contacts:
Investor:
(314) 994-2766
investorrelations@coreresources.com
Media:
Erica Fisher, (724) 416-8292
ericafisher@coreresources.com
Cautionary Statement Regarding Forward-Looking Statements
This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "anticipates," "believes," "targets," "could," "continue," "estimate," "expects," "intends," "will," "should," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core's current views about future events. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, our ability to comply with the restrictions imposed by the loan agreements related to the bonds; our ability to generate sufficient revenue to pay the debt service on the bonds; deterioration in economic conditions (including continued inflation) or changes in consumption patterns of our customers may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital; volatility and wide fluctuation in coal prices based upon a number of factors beyond our control; an extended decline in the prices we receive for our coal affecting our operating results and cash flows; significant downtime of our equipment or inability to obtain equipment, parts or raw materials; decreases in the availability of, or increases in the price of, commodities or capital equipment used in our coal mining operations; our reliance on major customers, our ability to collect payment from our customers and uncertainty in connection with our customer contracts; our inability to acquire additional coal reserves or resources that are economically recoverable; alternative steel production technologies that may reduce demand for our coal; the availability and reliability of transportation facilities and other systems that deliver our coal to market and fluctuations in transportation costs; a loss of our competitive position; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; the risks related to the fact that a significant portion of our production is sold in international markets (and may grow) and our compliance with export control and anti-corruption laws; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions; the impact of current and future regulations to address climate change, the discharge, disposal and clean-up of hazardous substances and wastes and employee health and safety on our operating costs as well as on the market for coal; the risks inherent in coal operations, including being subject to unexpected disruptions caused by adverse geological conditions, equipment failure, delays in moving out longwall equipment, railroad derailments, security breaches or terroristic acts and other hazards, delays in the completion of significant construction or repair of equipment, fires, explosions, seismic activities, accidents and weather conditions; failure to obtain or renew surety bonds or insurance coverages on acceptable terms; the effects of coordinating our operations with oil and natural gas drillers and distributors operating on our land; our inability to obtain financing for capital expenditures on satisfactory terms; the effects of our securities being excluded from certain investment funds as a result of environmental, social and corporate governance practices; the effects of global conflicts on commodity prices and supply chains; the effect of new or existing laws or regulations or tariffs and other trade measures; our inability to find suitable joint venture partners or acquisition targets or integrating the operations of future acquisitions into our operations; obtaining, maintaining and renewing governmental permits and approvals for our coal operations; the effects of asset retirement obligations, employee-related long-term liabilities and certain other liabilities; uncertainties in estimating our economically recoverable coal reserves; defects in our chain of title for our undeveloped reserves or failure to acquire additional property to perfect our title to coal rights; the outcomes of various legal proceedings, including those which are more fully described herein; the risk of our debt agreements, our debt and changes in interest rates affecting our operating results and cash flows; information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident; the potential failure to retain and attract qualified personnel of the Company; failure to maintain effective internal control over financial reporting; uncertainty with respect to the Company's common stock, potential stock price volatility and future dilution; uncertainty regarding the timing and value of any dividends we may declare; uncertainty as to whether we will repurchase shares of our common stock; inability of stockholders to bring legal action against us in any forum other than the state courts of
All such factors are difficult to predict, are beyond Core's control, and are subject to additional risks and uncertainties, including those detailed in Core's annual report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K that are available on Core's website at www.corenaturalresources.com and on the SEC's website at http://www.sec.gov.
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Core does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
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SOURCE Core Natural Resources, Inc.
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