EL PASO, Texas, Oct. 16, 2013 (GLOBE NEWSWIRE) -- Western Refining Logistics, LP ("WNRL"), a Delaware limited partnership and subsidiary of Western Refining, Inc. ("Western") (NYSE:WNR) announced today 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 and Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, SunTrust Robinson Humphrey and Credit Agricole acted as co-managers.
Wells Fargo Securities, LLC, SunTrust Robinson Humphrey, Inc. and Credit Agricole acted as Joint Lead Arrangers for the revolving credit facility.
A registration statement relating to these securities has been filed with, and declared effective by, the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer of common units will be made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. A copy of the prospectus relating to the offering may be obtained on the SEC's web site at http://www.sec.gov under the registrant's name, "Western Refining Logistics, LP," or from the offices listed below:
| BofA Merrill Lynch | Barclays |
| 222 Broadway, 7th Floor | c/o Broadridge Financial Solutions |
| New York, NY 10038 | 1155 Long Island Avenue |
| Attn: Prospectus Department | Edgewood, NY 11717 |
| Email: dg.prospectus_requests@baml.com | Email: Barclaysprospectus@broadridge.com |
| Toll free: (888) 603-5847 | |
| Goldman, Sachs & Co. | Wells Fargo Securities |
| Attn: Prospectus Department | Attn: Equity Syndicate Dept. |
| 200 West Street | 375 Park Avenue |
| New York, NY 10282 | New York, NY 10152 |
| Email: prospectus-ny@ny.email.gs.com | Email: cmclientsupport@wellsfargo.com |
| Telephone: (866) 471-2526 |
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Western Refining Logistics, LP
Western Refining Logistics, LP is a fee-based, growth-oriented master limited partnership recently formed by Western Refining, Inc. to own, operate, develop, and acquire crude oil and refined products terminals, storage tanks, pipelines, and other logistics assets. Headquartered in El Paso, Texas, Western Refining Logistics' assets include approximately 300 miles of pipelines, approximately 7.9 million barrels of active storage capacity, and other assets in the Southwest US.
Forward-Looking Statements
This news release contains "forward-looking statements" which are based on current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially. For a full discussion of these risks and uncertainties, please refer to the "Risk Factors" section of the Registration Statement on Form S-1 initially filed by WNRL on July 25, 2013, and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include our expectations as of the date hereof. Subsequent events and market developments could cause our expectations to change. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if new information becomes available, except as may be required by applicable law.