SunCoke shares fall in market debut
Lisle-based SunCoke Energy Partners LP's shares fell almost 4 percent in midday trading following their market debut on the New York Stock Exchange.
The metallurgical coke company had been a subsidiary of coal producer SunCoke Energy Inc. Metallurgical coke is used in making steel.
The company priced its stock at $19 per share, raising $256.5 million before expenses. That was at the low end of the $19 to $21 per share range that was expected, however.
Its shares fell 69 cents, or 3.6 percent, to $18.31 in midday trading after sinking as low as $18 earlier in the session. They traded as high as $19.28.
SunCoke is selling 13.5 million shares and has given the underwriters the option to buy another 2 million shares to cover over allotments.
The company plans to use the proceeds for working capital, to pay down debt and to return a portion to SunCoke Energy for costs related to the expansion and improvement of two plants.
The partnership also said Friday that it is selling $150 million of its senior unsecured notes, which are due in 2020, through a private placement. The notes offering is expected to close on Jan. 24 in connection with the IPO.
- Share Facebook Twitter
Article sent to (required)E-mail
Article sent from (required)E-mail Name
Subject Line (article title)
Message (optional)Success - Article sent Click to close
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.Need more information about reprints? Visit our Reprints Section for more details.
Contact information ( * required )Name * Company Telephone * E-mail *
Article InformationTitle URL
Message (optional)Success - Reprint request sent Click to close