Western Refining Logistics LP Completes IPO

Offering brings in approximately $325 million for company growth

Western Refining spinoff brings in approximately $325 million for company growth

EL PASO, Texas -- Western Refining Logistics LP, a subsidiary of Western Refining Inc., completed its initial public offering of 15.8 million common units representing limited partner interests in the company, at $22 per unit. The number of units issued at closing included almost 2.1 million common units issued pursuant to full exercise of the underwriter's over-allotment option. The common units of the company 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.

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. Based 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 United States.