CNX Coal Resources LP (NYSE:CNXC) acquired an additional 5% stake in Pennsylvania Mining Complex from CONSOL Energy Inc. (NYSE:CNX), Consol Pennsylvania Coal Company LLC, Conrhein Coal Company for $88.8 million on September 30, 2016. Under the terms of the deal, CNX will pay cash consideration in the amount of $21.5 million and the CNX Coal Resources LP's issuance of 3.96 million Class A Preferred units representing limited partner interests in CNX Coal Resources LP at an issue price of $17.01 per Class A Preferred Unit. CNX plans to fund the purchase with $21.5 million from its revolver and a $67.3 million issuance of convertible preferred units. Following the Acquisition and including interests it held previously thereto, CNX holds an aggregate 25% undivided interest in and to the Pennsylvania Mine Complex. The terms of the acquisition and financing were unanimously approved by the conflicts committee of the Board of Directors of CNX Coal Resources GP LLC. Ray Strong, John McGraw, Greg Sullentrop, Daniel Brennan and Arturo Pimienta of Evercore acted as the financial advisor and Bill Cooper, Morgan Hollins, Brett Reamer, O'Banion Williams, Lisa Shelton, Robert McNamara, Angela Richards and Jocelyn Tau of Andrews Kurth Kenyon LLP acted as the legal advisor to the conflicts committee. Kerry McKeon, Wes Loyd, Jim Georgiow, Pat Keeley, Craig DeDomenico, Grant Hosking, Kenny Roasario, Zach Ross, Matt Geraty, Chris Gardner, Chris Fontas, Gary Lawrence and Harry Fischer of Stifel, Nicolaus and Company, Incorporated acted as financial advisor to the management teams of the Sponsor and the Partnership. Brett Braden and Tim Fenn of Latham & Watkins LLP acted as legal counsel to CONSOL Energy Inc. Hillary Holmes and Monica White of Baker Botts acted as legal advisors for Evercore.

CNX Coal Resources LP (NYSE:CNXC) completed the acquisition of an additional 5% stake in Pennsylvania Mining Complex from from CONSOL Energy Inc. (NYSE:CNX), Consol Pennsylvania Coal Company LLC, Conrhein Coal Company on September 30, 2016.