LISLE, Ill., Aug. 5, 2019 /PRNewswire/ -- SunCoke Energy,
Inc. (NYSE: SXC) today announced that it and certain of its
wholly-owned subsidiaries have entered into an amended and restated
revolving credit agreement, which increased total borrowing
capacity to $400 million and extended
the maturity date to August 5, 2024.
Proceeds from the initial drawing were used to repay an existing
term loan in full and refinance its other existing revolving credit
facilities.
The borrowings under the new revolving credit facility bear
interest at an initial rate equal to LIBOR plus 200 basis points,
resulting in a decrease of 50 basis points when compared to the
previous revolving credit facility. On a consolidated basis, SXC
did not incur any additional indebtedness as a result of the
refinancing.
Additionally, SXC provided a guarantee on existing SunCoke
Energy Partners, L.P. Senior Notes, thus providing further benefits
such as simplified financial reporting.
"We are pleased to have completed the next step in further
simplifying our capital structure. This refinancing lowers our cost
of debt, extends debt maturities and increases our financial
flexibility," said Mike Rippey,
President and Chief Executive Officer of SXC.
Multiple bank lenders participated in the financing, which was
led by Bank of America Merrill Lynch, the administrative agent.
BofA Securities, Inc., ABN AMRO Securities (USA) LLC and BMO Capital Markets served as
joint lead arrangers.
ABOUT SUNCOKE ENERGY, INC.
SunCoke Energy, Inc.
(NYSE: SXC) supplies high-quality coke used in the blast furnace
production of steel, under long-term, take-or-pay contracts that
pass through commodity and certain operating costs to customers. We
utilize an innovative heat-recovery technology that captures excess
heat for steam or electrical power generation. Our cokemaking
facilities are located in Illinois, Indiana, Ohio, Virginia and Brazil. We have more than 55 years of
cokemaking experience serving the integrated steel industry. In
addition, we provide export and domestic material handling services
to coke, coal, steel, power and other bulk and liquids customers.
Our logistics terminals have the collective capacity to mix and
transload more than 40 million tons of material each year and are
strategically located to reach Gulf Coast, East Coast, Great Lakes
and international ports. To learn more about SunCoke Energy, Inc.,
visit our website at www.suncoke.com.
FORWARD-LOOKING STATEMENTS
Some of the statements included in this press release constitute
"forward-looking statements" (as defined in Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended). Forward-looking
statements include all statements that are not historical facts and
may be identified by the use of such words as "believe," "expect,"
"plan," "project," "intend," "anticipate," "estimate," "predict,"
"potential," "continue," "may," "will," "should" or the negative of
these terms or similar expressions. Forward-looking
statements are inherently uncertain and involve significant known
and unknown risks and uncertainties (many of which are beyond the
control of SXC) that could cause actual results to differ
materially.
Such risks and uncertainties include, but are not limited to
domestic and international economic, political, business,
operational, competitive, regulatory and/or market factors
affecting SXC, as well as uncertainties related to: pending
or future litigation, legislation or regulatory actions; liability
for remedial actions or assessments under existing or future
environmental regulations; gains and losses related to acquisition,
disposition or impairment of assets; recapitalizations; access to,
and costs of, capital; the effects of changes in accounting rules
applicable to SXC; and changes in tax, environmental and other laws
and regulations applicable to SXC's businesses.
Forward-looking statements are not guarantees of future
performance, but are based upon the current knowledge, beliefs and
expectations of SXC management, and upon assumptions by SXC
concerning future conditions, any or all of which ultimately may
prove to be inaccurate. The reader should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. SXC does not intend, and
expressly disclaims any obligation, to update or alter its
forward-looking statements (or associated cautionary language),
whether as a result of new information, future events or otherwise
after the date of this press release except as required by
applicable law.
In accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, SXC has included in its
filings with the Securities and Exchange Commission cautionary
language identifying important factors (but not necessarily all the
important factors) that could cause actual results to differ
materially from those expressed in any forward-looking statement
made by SXC. For information concerning these factors, see
SXC's Securities and Exchange Commission filings such as its annual
and quarterly reports and current reports on Form 8-K, copies of
which are available free of charge on SXC's website at
www.suncoke.com. All forward-looking statements included in
this press release are expressly qualified in their entirety by
such cautionary statements. Unpredictable or unknown factors
not discussed in this release also could have material adverse
effects on forward-looking statements.
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SOURCE SunCoke Energy, Inc.