Northern Tier Energy IPO watch: The independent downstream energy limited partnership updated its IPO prospectus on July 16. According to the regulatory filing, the company has been approved to list its common units on the New York Stock Exchange under the symbol “NTI.” Northern Tier Energy IPO price is expected to be between $19.00 and $21.00 per unit. The partnership intends to sell 16.25 million common units in this public offering. On the basis of an assumed offering price of of $20.00 per common unit, the median of the previously announced Northern Tier Energy IPO price range, the net proceeds from the sale of common units in the public offering will amount to approximately $288.2 million.
Net proceeds from Northern Tier Energy IPO are planned to be used to redeem senior secured notes; to pay as a cash component of a settlement agreement; to pay as a result of resetting the price of certain derivative contracts; to distribute approximately $167.2 million to Northern Tier Holdings.
Northern Tier Energy LP, a Delaware limited partnership, is enaged in refining, retail and pipeline operations that serve the PADD II region of the United States. The partnership operates assets in two business segments: the refining business and the retail business.
Northern Tier Energy realized total revenue of $4.3 billion, operating income of $422.6 million, net earnings of $28.3 million and Adjusted EBITDA of $430.7 million for the year ended December 31, 2011. For the three months ended March 31, 2012, Northern Tier Energy booked $999.1 million in total revenue versus $940.2 million for the same time frame of the prior year; operating income for the three months was $2.7 million; net loss was $193.6 million and Adjusted EBITDA was $81.5 million.
Goldman Sachs, Barclays and BofA Merrill Lynch are working as the representatives of the underwriters for Northern Tier Energy IPO. Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, J.P. Morgan and Macquarie Capital are also working as the co-managers on this deal. These underwriters have been granted an option to purchase up to an aggregate of 2,437,500 additional common units at Northern Tier Energy IPO price to cover over-allotments.
Find more upcoming IPOs, please go to IPO calendars.
Northern Tier Energy IPO
