Northern Tier Energy Files for IPO

RIDGEFIELD, Conn. -- Northern Tier Energy LLC today filed a Form S-4 with the Securities and Exchange Commission indicating its intention to hold an initial public offering (IPO) of Class A common stock. According to the filing, the company is offering up to $290 million of 10.5 percent senior secured notes due 2017 that have not been registered under the Securities Act of 1933 in exchange for up to $290 million of 10.5 percent senior secured notes due 2017 that have been registered under the act.

The IPO is intended to satisfy the company's obligations under the registration rights agreement, Northern Tier said in its filing, and it will not receive proceeds from the issuance of new notes. The terms of the notes will be identical except for the registration, and will contain no restrictions on transfer, registration rights or provisions for additional interest. No expiration date for the exchange offer was listed on the filing.

Northern Tier is an independent downstream energy company that operates a St. Paul Park, Minn., refinery that processes 74,000 barrels per day, as well as 166 SuperAmerica convenience stores and 67 franchised c-stores under the same brand. The company also operates SuperMom's Bakery, which prepares baked goods and pre-packaged food items and distributes them for sale in Northern Tier's owned and franchised stores and other third-party locations.

The company had total revenues of $3.2 billion, operating income of $347.1 million, a net loss of $264.4 million and adjusted EBITDA of $364.2 million in the three months that ended Sept. 30, according to Northern Tier's filing.