News Column

SunCoke Energy Partners, L.P. Announces Receipt of Consents to Amend the Indenture for Its 7.375% Senior Notes Due 2020

May 30, 2014

By a News Reporter-Staff News Editor at Energy Weekly News -- SunCoke Energy Partners, L.P. (NYSE: SXCP) reported the results of its previously announced solicitation of consents (the "Consent Solicitation") from the holders of the $150 million of its 7.375% Senior Notes due 2020 (the "2020 Notes") outstanding when the Consent Solicitation commenced on April 28, 2014. SXCP solicited the consents in order to amend the indenture governing the 2020 Notes to permit the obligors on the 2020 Notes to incur additional secured indebtedness under credit facilities. Only holders (each, a "Holder") that held 2020 Notes as of 5:00 p.m., New York City time, on April 25, 2014 were eligible to give consents and participate in the Consent Solicitation.

The Consent Solicitation was made in conjunction with, and it was conditioned upon the closing of, two previously announced transactions: (1) the private placement of an additional $250 million of the 2020 Notes and (2) SXCP's agreement with its sponsor, SunCoke Energy, Inc. (NYSE: SXC), to acquire an additional 33% equity interest in SXCP's Haverhill and Middletown cokemaking facilities. Both of those transactions closed earlier today. Purchasers of these additional $250 million of 2020 Notes were deemed to consent to the amendments to the indenture, and their consents were sufficient to make the amendments effective. No consideration, however, will be paid to the purchasers of the additional $250 million of 2020 Notes for their consents.

As of 3:00 p.m., New York City time, on May 9, 2014 (the "Expiration Date"), when the Consent Solicitation expired, consents sufficient to effect the amendments to the indenture had been received. Consents may no longer be revoked.

Now that all conditions to the expiration of the Consent Solicitation have been satisfied, SXCP will pay to each Holder who pursuant to the Consent Solicitation delivered (and did not revoke) prior to the Expiration Date a valid consent in favor of the amendments a consent fee of $2.50 for each $1,000 principal amount of 2020 Notes in respect of which the consent was delivered. SXCP has executed and delivered a supplement to the indenture governing the 2020 Notes, and the amendments will become operative when SXCP puts up funds with the paying agent sufficient to fund the consent fee.

Global Bondholder Services Corporation is serving as the tabulation agent, information agent and paying agent for the Consent Solicitation, and questions concerning the tabulation of consents or payment of the consent fee may be addressed to such firm by calling, in the case of banks and brokers, (212) 430-3774 and, for all others, (866) 470-3700 (US toll-free).

Keywords for this news article include: L.P., SunCoke Energy Partners L.P.

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Source: Energy Weekly News

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