Suncoke Energy Partners fka SXCP

[eastunder]

Interesting that they didn't cut it considering the drop in the PPS. I wasn't 100% sure they would stick to their word on maintaining it. So I certainly was happy with that.

http://www.dividendinvestor.com/historical.php?no=595409

I was just reading up on a few articles debating whether I should add more to it for the LT.

Sounds like the parent is discontinuing their Div and also doing an IDR give back to SXCP which I found intriguing.... never heard of such a thing regarding the Incentive distribution rights.

I missed this in December

http://finance.yahoo.com/news/suncoke-energy-partners-l-p-114500902.html

SXCP expects 2016 Adjusted EBITDA to be between $207 million and $217 million, up from 2015 estimated Adjusted EBITDA of $185 million to $190 million, reflecting the benefit of a full year of the Convent Marine Terminal acquisition, partly offset by lower domestic coke results.

“We expect our assets will continue to produce solid results, despite headwinds facing our steel and coal customers,” said Fritz Henderson, Chairman, President and CEO of SunCoke Energy Partners, L.P. “In light of these challenges, we will be focused on maintaining a healthy balance sheet.”

Cash coverage in 2016 is projected to be between 1.41x to 1.54x on distributable cash flow of between $158 million and $172 million. This outlook reflects improvement in Adjusted EBITDA as described above and expected full-year benefit of a reimbursement holiday on its corporate cost allocation from SXC. Furthermore, given its priority to de-lever SXCP’s balance sheet, SXC plans to provide an incentive distribution rights (IDR) give-back in 2016, creating more liquidity to reduce debt. The Board regularly evaluates its capital allocation strategy and will adjust its priorities to make the most effective use of distributable cash flow.

Henderson continued, “We are taking decisive action to de-lever our balance sheet to navigate through these prolonged market challenges. This decision, combined with continued significant free cash flow generation and a competitive asset base, best positions us for long-term success.”