Business Context and Reporting Period
This Form 8-K Current Report was filed by SunCoke Energy, Inc. on February 2, 2017. The report discloses the entry into a material definitive agreement regarding the company's credit facilities.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or liquidity figures. The report focuses exclusively on the restructuring of the company's debt facility terms.
Material Changes Versus Prior Period
On February 2, 2017, the Company entered into Amendment No. 5 to its Credit Agreement (originally dated July 26, 2011). The material changes to the facility include:
- Maturity Extension: The revolving termination date was extended to December 1, 2018.
- Commitment Reduction: Total revolving commitments were reduced from $150 million to $125 million.
- Letter of Credit Limit: The aggregate commitment for letters of credit was reduced from $100 million to $50 million.
- Facility Removal: The swingline loan subfacility and related provisions were removed.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard incorporation of the amendment text. The amendment became effective immediately upon execution on February 2, 2017.
Investor Verification Checklist
- Verify the full text of Amendment No. 5 (Exhibit 10.1) for covenants, interest rate adjustments, or fees not detailed in the summary.
- Confirm the company's current outstanding debt balance to assess the impact of the reduced $125 million revolving commitment.
- Review subsequent filings to determine if the company utilized the reduced letter of credit capacity or if the swingline removal impacted working capital management.