Western Refining Logistics LP Completes Initial Public Offering

Wednesday, 16 Oct 2013 06:50pm EDT 

Western Refining Logistics LP announced that it has completed its initial public offering of 15,812,500 common units representing limited partner interests in WNRL, at $22.00 per unit, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (SEC). The number of units issued at closing included 2,062,500 common units issued pursuant to full exercise of the underwriter's over-allotment option. The common units of WNRL trade on the New York Stock Exchange under the symbol "WNRL". As of the closing of the offering, Western owns a 65% limited partner interest in WNRL. Net proceeds received by WNRL totaled approximately $325 million, after deducting the underwriting discount and structuring fee, but before taking into account estimated offering expenses. WNRL will retain $75 million to fund organic growth projects and distribute approximately $245 million to Western. In addition, WNRL entered into a $300 million syndicated revolving credit facility. The facility, which matures in October 2018 and includes a $200 million uncommitted accordion feature, will be used for funding acquisitions from Western or third parties as well as for general partnership purposes. There were no borrowings under the revolver at the closing. BofA Merrill Lynch and Barclays acted as lead joint book-running managers and structuring agents for the offering. Goldman, Sachs & Co. and Wells Fargo Securities acted as joint book-running managers. 

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10 Jul 2014