By Paul A. Harris
Portland, Ore., Dec. 14 – SunCoke Energy Partners, LP priced a $70 million add-on to its 7½% senior notes due June 15, 2025 at 104.25 to yield 6.565% in a quick-to-market Thursday trade, market sources said.
The reoffer price came rich to the 104 initial guidance.
BofA Merrill Lynch had the books for the Rule 144A and Regulation S tap.
The Lisle, Ill.-based master limited partnership plans to use the proceeds to repay debt under its revolving credit facility.
The issuer manufactures coke used for steel manufacturing and the power industry.
| Issuers: | SunCoke Energy Partners LP and SunCoke Energy Partners Finance Corp.
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| Amount: | $70 million
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| Maturity: | June 15, 2025
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| Security description: | Add-on to 7½% senior notes due June 15, 2025
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| Bookrunner: | BofA Merrill Lynch
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| Coupon: | 7½%
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| Price: | 104.25
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| Yield to worst: | 6.565%
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| Call date: | Make-whole call at Treasuries plus 50 bps before June 15, 2020, then at 105.625
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| Equity clawback: | Before June 15, 2020
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| Trade date: | Dec. 14
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| Settlement date: | Dec. 19 with accrued interest
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| Distribution: | Rule 144A and Regulation S
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| Initial guidance: | 104
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| Marketing: | Quick to market
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| Original issue: | $630 million priced at 98.513 to yield 7¾% on May 19, 2017
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| Total issue size: | $700 million
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