Phoenix Global Acquisition
SunCoke Energy announced the acquisition of Phoenix Global for $325 million, expected to close on August 1. The acquisition is expected to be immediately accretive with an acquisition multiple of approximately 5.4x on a trailing 12-month adjusted EBITDA of $61 million. Expected annual synergies are estimated between $5 million and $10 million.
Strong Liquidity Position
SunCoke ended Q2 with a strong liquidity position of $536.2 million, including a cash balance of $186.2 million and a fully undrawn revolver of $350 million.
Reaffirmed Guidance
SunCoke reaffirmed its full-year consolidated adjusted EBITDA guidance range of $210 million to $225 million and Domestic Coke adjusted EBITDA guidance range of $185 million to $192 million.
Revolving Credit Extension
The revolving credit facility was amended and extended, now maturing in July 2030, maintaining similar covenants to the previous agreement.