CONSOL Energy Inc. (NYSE: CNX) has created a master limited partnership (MLP), CNX Coal Resources, that filed an amended Form S1/A with the U.S. Securities and Exchange Commission (SEC) Friday morning saying that CNX Coal Resources priced its initial public offering (IPO) at $15 per common unit. That was 25% below the mid-point of the expected range of $19 to $21 per common unit. The new company will sell 8 million units, and the common units will begin trading on an unspecified date on the New York Stock Exchange under the ticker symbol CNXC.

David Einhorn’s Greenlight Capital has agreed separately to purchase between 2 million and 5 million common units at $15 per unit. If CNX Coal Resources sells fewer than 8 million common units in the IPO, it will sell more than 2 million common units to Greenlight Capital, up to a maximum of 5 million common units, such that the aggregate number of common units sold in the IPO and the concurrent private placement will equal 10 million common units. The units to be acquired by Greenlight Capital were not registered with the SEC.

CNX Coal Resources will manage and develop further all of CONSOL’s active thermal coal operations in the state of Pennsylvania. Joint bookrunners for the offering include Bank of America Merrill Lynch, Wells Fargo Securities, Citigroup, Jefferies, Scotiabank/Howard Weil, Credit Suisse, JPMorgan, Evercore Partners, BB&T Capital Markets, Goldman Sachs, Huntington Investment, Stifel and Nomura Securities. Co-managers include Clarkson Capital Markets, Cowen and Tuohy Brothers. The underwriters have been granted a 30-day over-allotment option to purchase an additional 1.2 million common units.

Greenlight Capital’s fourth largest position as of the end of March was CONSOL Energy, comprising 7.5% of the hedge fund’s portfolio. Einhorn holds larger stakes only in Apple, Micron Technology and SunEdison.

CONSOL Energy posted a new 52-week low of $22.25 on Thursday, and shares closed at $22.78, in a new range of $22.25 to $46.61.

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