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SunCoke tender offer for 7 5/8% notes oversubscribed at early deadline
By Angela McDaniels
Tacoma, Wash., May 8 - SunCoke Energy Partners, LP received tenders for $250.1 million principal amount of SunCoke Energy, Inc.'s 7 5/8% senior notes due 2019 by 5 p.m. ET on May 8, which was the early tender date in a tender offer that began April 25.
The company is offering to purchase up to $160 million of the $400 million of outstanding notes. Because the amount tendered so far is more than the cap, the company expects to accept, on a prorated basis, $160 million of the notes tendered so far.
The tender offer was scheduled to expire at 11:59 p.m. ET on May 22, but because the offer is oversubscribed, no notes tendered after the early tender date will be accepted for purchase.
For each $1,000 principal amount, the company will pay $1,071.25, including an early tender premium of $30.00, plus accrued interest up to but excluding the early settlement date, which is expected to be May 9.
The offer is being made in connection with SunCoke Energy Partners' previously announced contribution agreement with SunCoke Energy to acquire an additional 33% equity interest in SunCoke Energy Partners' Haverhill and Middletown cokemaking facilities.
The offer is conditioned on, among other things, the completion of a capital markets debt financing with net proceeds sufficient to fund the offer.
Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) and Barclays (212 528-7581 or 800 438-3242) are the dealer managers. The depositary and information agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 470-3700).
SunCoke is based in Lisle, Ill., and manufactures coke used in the blast furnace production of steel.
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