SunCoke seeks consents under 7 3/8% notes to incur more secured debt

By Susanna Moon

Chicago, April 28 - SunCoke Energy Partners, LP said it began soliciting consents for its $150 million of outstanding 7 3/8% senior notes due 2020 to incur more secured debt under credit facilities.

The consent payment will be $2.50 for each $1,000 principal amount.

The consent solicitation will end at 3 p.m. ET on May 9. Holders must be of record as of 5 p.m. ET on April 25.

The solicitation is being made in conjunction with, and is conditioned on, the closing of a private placement of $250 million more of the 7 3/8% notes and the company's agreement with sponsor SunCoke Energy, Inc. to acquire an additional 33% equity interest in the Haverhill and Middletown cokemaking facilities, according to a company press release. Settlement is expected to occur on May 9.

Purchasers of the $250 million add-on will be deemed to consent to the amendments to the notes indenture, and their consents will be enough to make the amendments effective, regardless of the outcome of the solicitation.

Consents to the amendments may be revoked by the earlier of the solicitation deadline and the date on which the amendments become effective.

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

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.