SunCoke MLP IPO Falters on Debt Offering

Commodities & Metals

Published: January 18, 2013 1:07 pm

Last Updated: April 28, 2020 5:38 am

A second initial public offering (IPO) went off this morning: SunCoke Energy Partners LP (NYSE: SXCP). The master limited partnership’s (MLP) common units went out at $19, the low end of the prospective range and have since dropped to around $18.33.

This was the last of three MLP IPOs that went off this week. The other two, USA Compression Partners LP (NYSE: USAC) and CVR Refining LP (NYSE: CVRR), posted mixed results. USA Compression closed its first day of trading down 2.2% and CVR Refining closed up fractionally.

SunCoke also announced this morning an offer to sell $150 million in 7.375% unsecured senior notes in a private placement. The debt offering is expected to close January 24th, and is likely responsible for the lackluster opening day trading.

Shares of SunCoke are trading at $18.34 in the early afternoon today.

Today’s other IPO, Norwegian Cruise Line Holdings Ltd. (NASDAQ: NCLH) continues to trade up about 25% at $24.86 after going out at $19 this morning.

The Average American Has No Idea How Much Money You Can Make Today ^(Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

¹https://www.fdic.gov/national-rates-and-rate-caps