Alon USA Energy Inc. (NYSE: ALJ) is enjoying a gain for its Alon USA Partners L.P. (NYSE: ALDW) initial public offering. The limited partnership was priced with 10,000,000 common units at $16 per unit. Alon Partners was formed by Alon USA to own, operate and grow its strategically located crude oil refinery in Big Spring, Texas, with total throughput capacity of approximately 70,000 barrels per day, and the related petroleum products marketing business.
The partnership intends to use the net proceeds of the offering to reduce its $450 million term loan, and Alon USA will own an 84.0% limited partner interest in Alon Partners. If the overallotment is taken in full, it will be an 81.6% limited partner interest ownership. Alon USA will own 100% of the general partner interest in Alon Partners.
Goldman Sachs, Credit Suisse Securities and Citigroup were acting as joint book-running managers in this offering. Jefferies & Company is acting as lead managing underwriter, and Macquarie Capital and Tudor Pickering Holt & Co. were the co-managers. The underwriters have an overallotment option to purchase an additional 1,500,000 common units in full.
The price on these units is now around $17.50 with nearly 3 million units changing hands.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
