Oct 25 Delek Logistics Partners LP, a unit of
oil refiner and convenience store retailer Delek U.S. Holdings
Inc, said it expects its initial public offering of 8
million shares to be priced between $19 and $21 each.
At the mid point of the expected range, the company will
raise $160 million in proceeds, a big part of which will be used
to repay debt and fund capital expenditure.
Delek Logistics was formed by Delek U.S. Holdings to own and
operate logistics and marketing services for crude oil and
refined products, it said in a filing with U.S. Securities and
Israeli energy, real estate and insurance conglomerate Delek
Group has a 63 percent stake in Delek U.S. Holdings,
which has a market value of about $1.11 billion.
Delek Logistics, which expects to list on the New York Stock
Exchange under the symbol "DKL," expanded its list of lead
underwriters to four by adding Goldman Sachs and Wells Fargo
Securities. Its other two lead underwriters are Bank of America
Merrill Lynch and Barclays.
The company reported net profit of $17.5 million on revenue
of $404.96 million for the first half of the year, according to