Northern Tier Could Raise $200M In IPO

Downstream energy company Northern Tier Energy Inc. filed with U.S. regulators to raise up to $200 million in an initial public offering of common stock, sister news service Reuters reported. The Ridgefield, Conn.-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that Goldman Sachs & Co., BofA Merrill Lynch, Deutsche Bank Securities, J.P. Morgan and Macquarie Capital were underwriting the IPO.

The filing did not reveal how many shares the company planned to sell or their expected price. The company intends to list its Class A common stock on the New York Stock Exchange under the symbol “NTI.”

In addition to refining and pipeline operations, the company also runs a retail business which operates convenience stores under the SuperAmerica brand. Northern Tier will use a majority of the proceeds to buy a noncontrolling preferred interest in one of its units owned by Marathon Oil Corp.

Principal stockholders of the company include entities affiliated with ACON Refining Partners LLC and TPG Capital.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Sharanya Hrishikesh is a trainee correspondent for Reuters in Bangalore.)