LISLE, Ill.--(BUSINESS WIRE)--Jul. 21, 2015--
Today, the SunCoke Energy Partners, L.P. (NYSE: SXCP) Board of
Directors declared a second quarter 2015 cash distribution of $0.5825
per limited partnership unit. This distribution marks our ninth
consecutive quarterly distribution increase since the IPO and will be
payable on August 31, 2015, to unitholders of record on August 14, 2015.
The board also authorized a program for the Partnership to repurchase up
to $50 million of its common units from time to time in open market
transactions, including block trades, or in privately negotiated
transactions.
“This unit repurchase program demonstrates our commitment to
meaningfully create value for our unitholders and provides us the
opportunity to drive significant accretion at a time when market
valuations are clearly dislocated from our fundamental business,” said
Fritz Henderson, Chairman and Chief Executive Officer of SunCoke Energy
Partners, L.P. “Our solid balance sheet and liquidity position preserve
flexibility to execute this repurchase program while continuing to
pursue attractive growth opportunities.”
The program authorizes SXCP to make repurchases at the discretion of its
management subject to market conditions, applicable legal requirements,
available liquidity and other appropriate factors as determined by such
officers. This authorization is effective immediately. The unit
repurchase program does not obligate SXCP to repurchase any dollar
amount or specific number of common units. The Partnership may commence,
suspend or discontinue purchases of common units under this
authorization at any time without prior notice and any common units
repurchased will be canceled.
UPCOMING EVENTS
We plan to participate in the following conferences:
-
Citi MLP/Midstream Infrastructure Conference, August 19-20, 2015, Las
Vegas, NV
-
Deutsche Bank Leveraged Finance Conference, September 28-30, 2015,
Scottsdale, AZ
ABOUT SUNCOKE ENERGY PARTNERS, L.P.
SunCoke Energy Partners, L.P. (NYSE: SXCP) is a publicly traded master
limited partnership that manufactures high-quality coke used in the
blast furnace production of steel and provides coal handling services to
the coke, steel and power industries. In our cokemaking business, we
utilize an innovative heat-recovery technology that captures excess heat
for steam or electrical power generation and have long-term take-or-pay
coke contracts that pass through commodity and certain operating costs.
Our coal handling terminals have the collective capacity to blend and
transload more than 30 million tons of coal each year and are
strategically located to reach key U.S. ports in the Gulf Coast, East
Coast and Great Lakes. SXCP’s General Partner is a wholly owned
subsidiary of SunCoke Energy, Inc. (NYSE: SXC), which has more than 50
years of cokemaking experience serving the integrated steel industry. To
learn more about SunCoke Energy Partners, L.P., visit our website at www.sxcpartners.com.
NOTICE
This statement is intended to serve as qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d)
given by a publicly traded partnership for the nominee to be treated as
a withholding agent. Please note that SunCoke Energy Partners, L.P.'s
quarterly cash distributions are treated as partnership distributions
for federal income tax purposes and that 100 percent of these
distributions to foreign investors are attributable to income that is
effectively connected with a United States trade or business.
Accordingly, all of SunCoke Energy Partners, L.P.'s distributions to a
nominee on behalf of foreign investors are subject to federal income tax
withholding at the highest marginal tax rate for individuals or
corporations, as applicable. Nominees, and not SunCoke Energy Partners,
L.P., are treated as the withholding agents responsible for withholding
on the distributions received by them on behalf of foreign investors.
FORWARD-LOOKING STATEMENTS
Some of the statements included in this press release constitute
“forward-looking statements.” Forward-looking statements include all
statements that are not historical facts and may be identified by the
use of such words as “believe,” “expect,” “plan,” “project,” “intend,”
“anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,”
“will,” “should” or the negative of these terms or similar expressions.
Forward-looking statements are inherently uncertain and involve
significant known and unknown risks and uncertainties (many of which are
beyond the control of SXCP) that could cause actual results to differ
materially.
Such risks and uncertainties include, but are not limited to, domestic
and international economic, political, business, operational,
competitive, regulatory, and/or market factors affecting SXCP, as well
as uncertainties related to: pending or future litigation, legislation
or regulatory actions; liability for remedial actions or assessments
under existing or future environmental regulations; gains and losses
related to acquisition, disposition or impairment of assets;
recapitalizations; access to, and costs of, capital; the effects of
changes in accounting rules applicable to SXCP; and changes in tax,
environmental and other laws and regulations applicable to SXCP’s
businesses.
Forward-looking statements are not guarantees of future performance, but
are based upon the current knowledge, beliefs and expectations of SXCP
management, and upon assumptions by SXCP concerning future conditions,
any or all of which ultimately may prove to be inaccurate. The reader
should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. SXCP does not
intend, and expressly disclaims any obligation, to update or alter its
forward-looking statements (or associated cautionary language), whether
as a result of new information, future events or otherwise after the
date of this press release except as required by applicable law.
SXCP has included in its filings with the Securities and Exchange
Commission cautionary language identifying important factors (but not
necessarily all the important factors) that could cause actual results
to differ materially from those expressed in any forward-looking
statement made by SXCP. For information concerning these factors, see
SXCP’s Securities and Exchange Commission filings such as its annual and
quarterly reports and current reports on Form 8-K, copies of which are
available free of charge on SXCP’s website at www.sxcpartners.com.
All forward-looking statements included in this press release are
expressly qualified in their entirety by such cautionary statements.
Unpredictable or unknown factors not discussed in this release also
could have material adverse effects on forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150721005420/en/
Source: SunCoke Energy Partners, L.P.
SunCoke Energy Partners, L.P.
Investors:
Lisa Ciota:
(630) 824-1987
or
Media:
Steve Carlson: (630)
824-1783