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Stock Market & Financial Investment News

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
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July 21, 2014
17:58 EDTSXCPSunCoke Energy Partners increases quarterly distribution to 51.5c
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