Delek U.S. Files for Logistics IPO
Delek U.S., parent of MAPCO Express convenience stores, filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to call the new company Delek Logistics Partners LP and trade its stock on the New York Stock Exchange under the symbol DKL.
Delek's c-store division is not expected to be affected by the move.
If approved by the SEC, Delek Logistics Partners will own, operate and acquire and construct crude oil and refined products logistics and marketing assets.
More specifically, Delek Logistics Partners will operate about 200 miles in transportation pipelines, Delek U.S.' wholesale marketing business in Texas and five light product terminals.
If approved by the SEC, Delek Logistics will operate as a master limited partnership (MLP). To qualify for MLP status, a partnership must generate at least 90 percent of its income from what the Internal Revenue Service (IRS) deems "qualifying" sources. Those qualifying sources include activities related to the production, processing or transportation of oil, natural gas and coal.
An IPO date, price per share and number of shares to be offered to the general public have yet to be determined.
BofA Merrill Lynch and Barclays will act as joint book-running managers and structuring agents for the transaction.