Western Refining Logistics Prices IPO Of 13.75 Mln Units At $22/unit

(RTTNews) - Western Refining Logistics, LP, a Delaware limited partnership and a subsidiary of Western Refining, Inc. (WNR), Thursday announced that it has priced an initial public offering of 13.75 million units representing limited partner interests in WNRL, at $22 per unit.

The common units would begin trading on the New York Stock Exchange today under the ticker symbol 'WNRL'.

Western Refining Logistics or WNRL added that it has granted the underwriters a 30-day option to purchase from WNRL up to an additional 2.063 million common units, at the initial public offering price. The offering is expected to close on or about October 16, subject to customary closing conditions.

Upon the conclusion of the offering, the public will own a 30.1% limited partner interest in WNRL, or a 34.7% limited partner interest if the underwriters exercise their option in full.

The parent company, through certain of its subsidiaries, will own the remaining limited partner interest and all of the incentive distribution rights in WNRL.

For the offering, BofA Merrill Lynch and Barclays are acting as lead joint book-running managers and structuring agents.

Goldman, Sachs & Co. and Wells Fargo Securities are acting as joint book-running managers, and Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, Credit Agricole CIB and SunTrust Robinson Humphrey are acting as co-managers.