LISLE, Ill., May 19, 2017 /PRNewswire/ -- SunCoke
Energy Partners, L.P. (NYSE: SXCP) announced today that it and its
wholly owned subsidiary, SunCoke Energy Partners Finance Corp.
("Finance Corp." and together, the "Issuers"), have priced a
downsized private offering to eligible purchasers of $630 million aggregate principal amount of 7.50%
senior unsecured notes due 2025 (the "Senior Notes"). SXCP expects
to close the sale of the Senior Notes on May
24, 2017, subject to the satisfaction of customary closing
conditions. The Senior Notes will be fully and unconditionally
guaranteed by all of SXCP's current subsidiaries (other than
Finance Corp.) and certain of its future subsidiaries.
SXCP intends to use the net proceeds received from this
offering, together with borrowings under a new revolving credit
facility and cash on hand, to fund the purchase of its 7.375%
senior notes due 2020 ("2020 Senior Notes") in a tender offer (the
"Tender Offer") and repay borrowings outstanding under its existing
revolving credit facility, term loan and promissory note. The
Tender Offer is being made pursuant to an Offer to Purchase dated
May 16, 2017. To the extent that the
Tender Offer is not completed or the net proceeds of this offering,
together with borrowings under a new revolving credit facility and
cash on hand, exceed the amount needed to fund the Tender Offer and
repay borrowings outstanding under SXCP's existing revolving credit
facility, term loan and promissory note, SXCP may use the remaining
net proceeds from the offering for general partnership purposes,
which may include redeeming or otherwise repurchasing 2020 Senior
Notes.
The Senior Notes will not be registered under the Securities Act
of 1933, as amended (the "Securities Act"), or the securities laws
of any state and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements under the
Securities Act and applicable state securities laws. The Senior
Notes may be resold by the initial purchasers pursuant to Rule 144A
and Regulation S under the Securities Act. This press release is
being issued pursuant to Rule 135c under the Securities Act.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Senior Notes nor shall there be
any sale of the Senior Notes in any jurisdiction in which the
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
FORWARD-LOOKING STATEMENTS
Some of the statements
included in this press release constitute "forward-looking
statements." Forward-looking statements include all
statements that are not historical facts and may be identified by
the use of such words as "believe," "expect," "plan," "project,"
"intend," "anticipate," "estimate," "predict," "potential,"
"continue," "may," "will," "should" or the negative of these terms
or similar expressions. Forward-looking statements are
inherently uncertain and involve significant known and unknown
risks and uncertainties (many of which are beyond the control of
SXCP) that could cause actual results to differ materially.
Such risks and uncertainties include, but are not limited to,
domestic and international economic, political, business,
operational, competitive, regulatory, and/or market factors
affecting SXCP, as well as uncertainties related to: pending
or future litigation, legislation or regulatory actions; liability
for remedial actions or assessments under existing or future
environmental regulations; gains and losses related to acquisition,
disposition or impairment of assets; recapitalizations; access to,
and costs of, capital; the effects of changes in accounting rules
applicable to SXCP; and changes in tax, environmental and other
laws and regulations applicable to SXCP's businesses.
Forward-looking statements are not guarantees of future
performance, but are based upon the current knowledge, beliefs and
expectations of SXCP management, and upon assumptions by SXCP
concerning future conditions, any or all of which ultimately may
prove to be inaccurate. The reader should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. SXCP does not intend, and
expressly disclaims any obligation, to update or alter its
forward-looking statements (or associated cautionary language),
whether as a result of new information, future events or otherwise
after the date of this press release except as required by
applicable law.
SXCP has included in its filings with the Securities and
Exchange Commission cautionary language identifying important
factors (but not necessarily all the important factors) that could
cause actual results to differ materially from those expressed in
any forward-looking statement made by SXCP. For information
concerning these factors, see SXCP's Securities and Exchange
Commission filings such as its annual and quarterly reports and
current reports on Form 8-K, copies of which are available free of
charge on SXCP's website at www.suncoke.com. All
forward-looking statements included in this press release are
expressly qualified in their entirety by such cautionary
statements. Unpredictable or unknown factors not discussed in
this release also could have material adverse effects on
forward-looking statements.
ABOUT SUNCOKE ENERGY PARTNERS, L.P.
SunCoke Energy
Partners, L.P. (NYSE: SXCP) is a publicly traded master limited
partnership that manufactures high-quality coke used in the blast
furnace production of steel and provides export and domestic coal
handling services to the coke, coal, steel and power industries. In
our cokemaking business, we utilize an innovative heat-recovery
technology that captures excess heat for steam or electrical power
generation and have long-term, take-or-pay coke contracts that pass
through commodity and certain operating costs. Our coal handling
terminals have the collective capacity to blend and transload more
than 40 million tons of coal each year and are strategically
located to reach Gulf Coast, East Coast, Great Lakes and
international ports. SXCP's General Partner is a wholly owned
subsidiary of SunCoke Energy, Inc. (NYSE: SXC), which has more than
50 years of cokemaking experience serving the integrated steel
industry. To learn more about SunCoke Energy Partners, L.P., visit
our website at www.suncoke.com.
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SOURCE SunCoke Energy Partners, L.P.