Northern Tier Energy Secondary Stock Issue Priced
On the heels of its most recent quarterly results release, Northern Tier Energy has announced the pricing of a fresh secondary unit issue. Major unit holder Northern Tier Holdings will sell 11.5 million units in the company in a public offering priced at $22.85 apiece. The company's underwriters have also been granted a 30-day purchase option for up to an additional 1.725 million units.
In the press release announcing the news, Northern Tier Energy stressed that it will receive no proceeds from the offering, as it is not the selling party.
The book-running syndicate of the issue consists of Bank of America's Merrill Lynch, JPMorgan Chase's J.P. Morgan Securities, Barclays division Barclays Capital, Goldman Sachs, Citigroup, and the Securities arms of UBS, Credit Suisse, and Deutsche Bank.
The offering is expected to close on Aug. 19.
Currently, Northern Tier Energy has just under 92 million units outstanding. They most recently closed at $22.85 per unit, matching the issue's price.
The article Northern Tier Energy Secondary Stock Issue Priced originally appeared on Fool.com.
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