SunCoke gets OK from 7 3/8% noteholders to incur more secured debt

By Angela McDaniels

Tacoma, Wash., May 9 - SunCoke Energy Partners, LP completed a successful solicitation of consents from the holders of its $150 million of 7 3/8% senior notes due 2020 that will allow it and SunCoke Energy Partners Finance Corp. to incur more secured debt under their credit facilities, according to a company news release.

The consent solicitation began April 28 and expired at 3 p.m. ET on May 9. Only holders of record as of 5 p.m. ET on April 25 could participate.

Holders who consented will receive a consent fee of $2.50 for each $1,000 principal amount of notes.

The solicitation was made in conjunction with, and was conditioned on, the closing of a $250 million add-on to the notes and the company's agreement with its sponsor, SunCoke Energy, Inc., to acquire an additional 33% equity interest in SunCoke Energy Partners' Haverhill and Middletown cokemaking facilities. Both transactions closed May 9.

The purchasers of the $250 million add-on were deemed to consent to the amendments to the note indenture, and their consents were enough to make the amendments effective. They will not, however, receive a consent fee.

The solicitation agents were Citigroup Global Markets Inc. (212 723-6106 and 800 558-3745) and Barclays (212 528-7581 and 800 438-3242). The tabulation agent, information agent and paying agent was Global Bondholder Services Corp. (banks and brokers, 212 430-3774 and, for all others, 866 470-3700).

SunCoke is a Lisle, Ill.-based manufacturer of coke used in the blast furnace production of steel.

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