Core Natural Resources, Inc. (NYSE: CNR) (Core) has announced that it has completed a highly successful refinancing of tax-exempt bonds previously issued by CONSOL Energy, Inc. (CONSOL) and Arch Resources, Inc. (Arch). CONSOL and Arch merged to form Core Natural Resources, Inc. in January 2025.
As part of this refinancing effort, Core:
Increased the total bond amount from US$276 million to US$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.
Latham & Watkins LLP represents Core in the transaction with a corporate team led by Austin partner David Miller and Los Angeles counsel Anna Rienhardt, with associates Tristan Schmoor and Luisa Gomez. Advice was also provided on finance matters by Houston partner Craig Kornreich and Chicago partner Cindy Caillavet and Houston counsel Bryce Kaufman.
