DALLAS (AP) -- Alon USA priced its initial public offering of 10 million common units at $16 per common unit for proceeds of $160 million.
The unit of refinery operator Alon USA Energy Inc. runs a crude oil refinery in Big Spring, Texas, and it sells fuels produced at the refinery to customers in Texas, Oklahoma, New Mexico, and Arizona. The partnership was formed in August 2012. Its revenue was $1.7 billion in the first half of this year.
The units were expected to begin trading on the New York Stock Exchange under the symbol "ALDW" after Tuesday's opening bell. The offering is expected to close on Monday, subject to customary closing conditions.
The underwriters of the offering also were granted a 30-day option to buy up to an additional 1.5 million common units. When the deal closes, the public will own a 16 percent limited partner interest in Alon USA Partners LP, or an 18.4 percent limited partner interest if the underwriters exercise their overallotment option in full, the company said.