WNR announces IPO of WNRL an MLP subsidiary ..
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Western Refining subsidiary, Western Refining Logistics, announces launch of its IPO of 12.5 mln common units representing limited partner interests ( WNR) : Western Refining Logistics, a Delaware limited partnership and wholly owned subsidiary of Western Refining, announced the launch of its initial public offering of 12.5 mln common units representing limited partner interests. The common units being offered to the public have been approved for listing on the New York Stock Exchange and will be traded under the symbol "WNRL," subject to official notice of issuance.
WNRL was formed by Western to own, operate, develop, and acquire terminals, storage tanks, pipelines, and other logistics assets. The common units being offered to the public represent a 27.4% limited partner interest in WNRL, or a 31.5% limited partner interest if the underwriters exercise their option to purchase additional common units in full. Western, through certain of its subsidiaries, will own the remaining limited partner interest and all of the incentive distribution rights in WNRL.
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