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Stock Market & Financial Investment News

News Breaks
June 27, 2014
07:45 EDTSXCSunCoke Energy upgraded to Conviction Buy from Buy at Goldman
Goldman added SunCoke Energy to the Conviction Buy List citing potential catalysts that include buybacks and introduction of a dividend, tuck-in acquisitions and a potential sale of the coal business. Shares are Buy rated price target is $27.
News For SXC From The Last 14 Days
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January 13, 2015
08:13 EDTSXCSunCoke Energy Partners announces commencement of $200M debt offering
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08:12 EDTSXCSunCoke 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 SXCs 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 SXCs 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 SXCs 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 EDTSXCSunCoke Energy to contribute 75% interest in cokemaking facility
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