SunCoke shares fall in market debut
LISLE, Ill. (AP) — SunCoke Energy Partners LP's shares fell nearly 4 percent in their first day of trading on the New York Stock Exchange.
The Lisle, Ill.-based 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.
The shares traded between $18 and $19.28 the first day out. They closed down 75 cents at $18.25.
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 senior unsecured notes due in 2020, through a private placement. The notes offering is expected to close Thursday.
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