SunCoke MLP IPO Falters on Debt Offering
Jan 18th 2013 1:07PM
Updated Jan 22nd 2013 6:10AM
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.
Filed under: 24/7 Wall St. Wire, Commodities & Metals, IPOs Tagged: CVRR, NCLH, SXCP, USAC