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News Breaks
May 9, 2014
17:15 EDTSXCSunCoke Energy cuts FY14 EPS view to 2c-24c from 8c-33c, consensus 28c
On May 9, SunCoke Energy closed on its dropdown agreement with SunCoke Energy Partners, L.P. to contribute a 33% interest in each of the Haverhill and Middletown cokemaking facilities for total consideration of $365M. SXC continues to hold a 2% interest in both facilities. SXC is the sponsor, general partner with a 2% general partner interest, and largest unitholder of SXCP, holding a 54% limited partnership interest and all the incentive distribution rights. As part of the total consideration of $365M, SXC received $80M of SXCP limited partner interest, or 2.7M common limited partner units, $3.3M of general partner interest and $10.4M of cash, of which $7M was used to pre-fund our obligation related to an environmental remediation project at Haverhill. In addition, SXCP assumed from SXC and subsequently paid down $99.9M of our outstanding term loan and completed a tender offer for $160M of our 7.625% senior notes, paying a tender premium of $11.4M. We anticipate no material immediate tax gain as a result of the transaction structure and forms of consideration. We reaffirm our full year 2014 consolidated Adjusted EBITDA outlook of $220M-$240M. However, Adjusted EBITDA attributable to SXC is now expected to be between $160M-$177M, reflecting the impact of public ownership on an increased portion of Adjusted EBITDA attributable to SXCP. As a result of the debt extinguishment activities discussed above, we expect to record between $15M-$18M of additional interest and financing expense attributable to SXCP in second quarter 2014 consolidated results. The impact of these transactions, partly offset by lower taxes, reduces our full year earnings per share outlook to 2c-24c per share. Separately, we have received a final permit to construct and operate a potential new 660,000 ton cokemaking facility near South Shore, Kentucky. We plan to begin construction only after securing commitments from customers for a substantial portion of the plantís expected future output.
News For SXC From The Last 14 Days
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March 27, 2015
10:01 EDTSXCHigh option volume stocks
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March 25, 2015
16:07 EDTSXCSunCoke says temporary idling doesnít change U.S. Steel obligations under pact
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14:26 EDTSXCWells Fargo tells SunCoke investors not to panic
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11:14 EDTSXCSunCoke oversold on U.S. Steel news, says Brean Capital
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11:13 EDTSXCSunCoke drops after customer announces plans to idle Granite City operations
Shares of SunCoke Energy (SXC) and SunCoke Energy Partners (SXCP) are both sharply lower after U.S. Steel (X), the principal customer of their Granite City cokemaking facility, announced it will consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations. The consolidation is part of an on-going adjustment of steelmaking operations throughout North America to match customer demands, said U.S. Steel, which noted that it routinely adjusts production at its operating facilities to reflect "market fluctuations." In morning trading, Suncoke Energy shares fell 11% to $15.01, while Suncoke Energy Partners dropped 10.25% to $19.87.
10:03 EDTSXCHigh option volume stocks
High option volume stocks: NVO SXC SONC EXH KRFT WLB ETR LXK APOL EWH
09:57 EDTSXCSunCoke Energy drops 12%, or $2.07, to $14.80

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