Alon USA Partners prices IPO below expected range-market source
Nov 19 (Reuters) - Alon USA Energy Inc's limited partnership unit Alon USA Partners LP priced its initial public offering of 10 million units at $16 each, according to a market source.
The price per unit is significantly below the partnership unit's expected price range of $19 to $21 apiece.
The Dallas-based company had filed with the U.S. Securities and Exchange Commission in August to raise up to $230 million in an initial public offering.
Alon USA Partners was formed in the same month to own and operate its parent's refining and petroleum marketing business in south central and southwestern regions of the United States.
Goldman Sachs & Co, Credit Suisse and Citigroup are acting as lead underwriters for the offering.
Alon USA Partners units are expected to begin trading on Tuesday on the New York Stock Exchange under the symbol "ALDW."