SunCoke Energy Partners expects USD70m from private placement of new notes.
M2 EQUITYBITES-December 15, 2017-SunCoke Energy Partners expects USD70m from private placement of new notes
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Coking company SunCoke Energy Partners LP (NYSE:SXCP) said on Thursday that it has priced its private offering to eligible purchasers of an additional USD70m aggregate principal amount of their 7.50% senior unsecured new notes due 2025 in partnership with its wholly owned subsidiary, SunCoke Energy Partners Finance Corp.
The New Notes will be issued at a price equal to USD104.25 of the principal amount thereof, plus accrued interest from 15 December 2017, resulting in a yield to worst of 6.565%. The new notes will be fully and unconditionally guaranteed by all of SXCP's current subsidiaries (other than Finance Corp) and certain of its future subsidiaries.
In conjunction, the new notes are being offered as additional notes under an indenture that originally issued the USD630m aggregate principal amount in May 2017.
Net proceeds from this offering may be used by the company to repay borrowings outstanding under its revolving credit facility.
The sale of the new notes is expected to close on 19 December 2017, subject to the satisfaction of customary closing conditions.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 15, 2017|
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