SunCoke $100 million revolver spread range Libor plus 200-250 bps

By Sara Rosenberg

New York, Jan. 8 - SunCoke Energy Partners LP plans on getting a new $100 million five-year revolving credit facility that will have pricing ranging from Libor plus 200 basis points to 250 bps based on leverage, according to an S-1/A filed with the Securities and Exchange Commission on Tuesday.

The revolver also has a 40 bps unused fee.

Financial covenants include debt to EBITDA and EBITDA to interest expense.

There is a $50 million accordion feature.

J.P. Morgan Securities LLC and Barclays are the joint lead arrangers and bookrunners on the deal.

The revolver is expected to be undrawn at close and is conditioned on completion of an initial public offering of units and the sale of $150 million of senior notes.

Proceeds from the IPO and notes will be used to repay some of Sunoco Inc.'s term loan borrowings, make a distribution to Sunoco and put cash on the balance sheet.

The revolver will be used for general corporate purposes.

SunCoke is a Lisle, Ill.-based producer of metallurgical coke.

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