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
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.