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Commodities & Metals

SunCoke MLP IPO Falters on Debt Offering

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By Paul Ausick Updated Published

Pouring molten steel

Thinkstock
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.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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