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Wells Fargo Securities, Others Arrange $300MM Facility for Western Refining

October 18, 2013, 07:38 AM
Filed Under: Energy

Western Refining Logistics, 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.

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.

Wells Fargo Securities, LLC, SunTrust Robinson Humphrey, Inc. and Credit Agricole acted as Joint Lead Arrangers for the revolving credit facility.

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