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News Breaks
March 11, 2014
08:01 EDTSXC, SXCPSunCoke Energy to pursue sale of Coal Mining business
SunCoke Energy (SXC) announced its Board of Directors supports managementís plan to drop down over time the Companyís entire domestic coke business to SunCoke Energy Partners, L.P. (SXCP). SXC is the sponsor, general partner and largest unitholder of SXCP, holding a 56% limited partnership interest and all the incentive distribution rights. The company also announced its strategic intent to exit the Coal Mining business. As a part of managementís multi-year plan, the Board of Directors approved the initial dropdown of a 33% interest in the Haverhill and Middletown cokemaking operations, in which SXCP already holds a 65% interest. SXC will continue to retain a 2% interest in both facilities. Although terms have not yet been finalized, SXC anticipates SXCP will finance this transaction through a combination of equity and debt. The company said "While our Coal Mining team has delivered significant improvement in productivity, safety and production costs, we believe shareholder value will increase if we exit this business. We have retained an advisor and are currently evaluating strategic options in this regard.Ē
News For SXC;SXCP From The Last 14 Days
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January 26, 2015
16:17 EDTSXCPSunCoke Energy Partners increases quarterly dividend 14% to 54.08c
SunCoke Energy Partners declared a quarterly cash distribution of 54.08c per limited partnership unit, payable on February 27 to holders of record on February 13, up 14% over the prior year period.
January 13, 2015
16:42 EDTSXCPSunCoke sees interest in Granite City contributing $30M to FY15 EBITDA
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08:13 EDTSXC, SXCPSunCoke Energy Partners announces commencement of $200M debt offering
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08:12 EDTSXC, SXCPSunCoke Energy Partners to acquire 75% interest in Granite City facility
On January 12, 2015, SunCoke Energy Partners, L.P. (SXCP) entered into a contribution agreement with its sponsor, SunCoke Energy, Inc. (SXC), to acquire a 75% interest in SXCís Granite City, Ill., cokemaking facility for a total transaction value of $245M. The Granite City cokemaking facility, which began operations in 2009, has annual cokemaking capacity of 650,000 tons and produces super-heated steam for power generation. Both the coke and power is provided to United States Steel Corporation under a long-term take-or-pay contract that expires in 2025. In connection with this agreement, SXCP intends to issue approximately $50.6M of limited partner interest and $1M of general partner interest to SXC. In addition, SXCP plans to assume and redeem $135M principal amount of SXCís outstanding 7.625% senior notes and expects to pay $5.6M of accrued interest and $7.7M of redemption premium in connection therewith. To fund this debt assumption and redemption, SXCP anticipates raising approximately $200M of long-term debt via an offering of its 7.375% unsecured senior notes. The remaining cash from the debt raised will be used to pre-fund SXCís approximately $45M obligation to indemnify SXCP for the anticipated cost of an environmental project at Granite City, pay transaction costs, and for general partnership purposes. Acquisition is expected to be immediately accretive, increasing distributable cash flow per limited partner unit by 10c-11c on an annual basis.
08:10 EDTSXC, SXCPSunCoke Energy to contribute 75% interest in cokemaking facility
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