SunCoke MLP IPO Falters on Debt Offering
January 18, 2013 by Paul Ausick
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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