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SunCoke Energy refinancing extends maturity, increases capacity to $400M

Coke producer SunCoke Energy Inc. amended its revolving credit agreement, increasing the total borrowing capacity to US$400 million and extending the maturity date to Aug. 5, 2024.

The company used the proceeds from the initial drawing to repay a term loan in full and refinance its other revolving credit facilities, the company said Aug. 5.

Interest on the new facility will accrue at an initial rate equal to the London interbank offered rate plus 200 basis points, which is 50 basis points lower than the previous revolving credit facility.

The company recently reported US$2.3 million, or 3 U.S. cents per share, in net income attributable to the company for the second quarter, down from US$4.2 million, or 6 cents per share, a year ago.