Delek Logistics common units jump 11 pct in debut

Associated Press Modified: November 2, 2012 at 5:15 pm •  Published: November 2, 2012
Advertisement
;

NEW YORK (AP) — Delek Logistics Partners LP's common units jumped more than 6 percent in their first day of trading on the New York Stock Exchange.

The units rose 6.4 percent to close at $22.35 Friday. Delek Logistics is a limited partnership formed by Delek U.S. Holdings Inc. to own crude oil and refined products logistics assets in southeastern U.S.

The Brentwood, Tenn.-based company sold 8 million common units for $21 each in its initial public offering. That was at the top end of its projected price range of $19 to $21.

The offering's underwriters, BofA Merrill Lynch, Barclays, Goldman, Sachs & Co. and Wells Fargo Securities, also were granted the option to buy up to an additional 1.2 million common units at the same price to cover possible over-allotments.

The offering is expected to close on or about Wednesday. When the offering closes, the public will own a 32.7 percent limited partner interest in Delek Logistics, or a 37.6 percent limited partner interest if the underwriters exercise their option in full.

Affiliates of Delek US Holdings Inc. will hold a 2 percent general partner interest and a 65.3 percent limited partner interest in Delek Logistics, or a 60.4 percent limited partner interest if the underwriters exercise their option in full, the company said.

The units are trading on the NYSE under the ticker symbol "DKL."


Advertisement


Trending Now



AROUND THE WEB

  1. 1
    Check out the Thunder postseason playlist
  2. 2
    VIDEO: Blake Griffin dumps water on a fan
  3. 3
    Oklahoma City Thunder: Grizzlies guard Nick Calathes calls drug suspension unfair
  4. 4
    Dave Chappelle Reveals Shockingly Buff New Look
  5. 5
    Peaches Geldof Funeral to Be Held on Easter Monday
+ show more