CONE Midstream Partners Prices IPO Above Range

(RTTNews) - CONE Midstream Partners LP, formed by Noble Energy, Inc. (NBL) and CONSOL Energy Inc. (CNX), has priced its initial public offering of 17.5 million common units representing limited partner interests at a price to the public of $22 per common unit, which is above the previously estimated price range of $19 to $21 per common unit.

The underwriters of the offering have a 30-day option to purchase up to an additional 2,625,000 common units to cover over-allotments, if any.

The common units are scheduled to begin trading on the New York Stock Exchange on Thursday, September 25 under the ticker symbol "CNNX."

At the conclusion of the offering, the public will own a 29.4% limited partner interest in CONE Midstream Partners, or a 33.8% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Each of CONSOL and Noble Energy will own a 34.3% limited partner interest in CONE Midstream Partners, or a 32.1% limited partner interest if the underwriters exercise in full their option to purchase additional common units. In addition, CONSOL and Noble Energy will own, through their Marcellus Shale midstream joint venture, CONE Gathering LLC, a 2% general partner interest and the incentive distribution rights in CONE Midstream Partners.