Delek Logistics IPO watch: The crude oil and refined products operator filed an $135 million IPO (initial public offering) with the U.S. Securities and Exchange Commission recently. The partnership intends to list its common units on the New York Stock Exchange under the symbol “DKL.” Delek Logistics IPO price and the amount of units which will be sold in this offering have not been disclosed in the prospectus.
Delek Logistics Partners, LP is a Delaware limited partnership recently formed by Delek to own, operate, acquire and construct crude oil and refined products logistics and marketing assets in the southeastern United States and West Texas. The partnership generates revenue by charging fees for gathering, transporting and storing crude oil and for marketing, distributing, transporting and storing refined products. Delek accounted for the majority of revenues of the partnership.
Delek Logistics delivered pro forma EBITDA of approximately $45.5 million and pro forma net income of approximately $32.6 million for the year ended December 31, 2011. For the three months ended March 31, 2012, the partnership posted pro forma EBITDA of approximately $12.2 million and pro forma net income of approximately $9.0 million.
Net proceeds from the sale of common units in Delek Logistics IPO will be used to fund cash distribution to Delek; retire outstanding indebtedness; for working capital and other partnership purposes.
BofA Merrill Lynch and Barclays are working as the joint book-managers of Delek Logistics IPO.
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Delek Logistics IPO