Tshuva to float Delek Logistics on Wall Street
The Delek US Holdings' subsidiary will raise up to $135 million and be traded on the NYSE under the DKL ticker.
Delek US set up Delek Logistics to own, operate, acquire, and construct crude oil and refined products logistics and marketing assets. The company's initial assets will include 200 miles of transportation pipelines and a 600 mile crude oil gathering system with associated storage facilities with 1.4 million barrels of active shell capacity supporting Delek US’ El Dorado and Tyler refineries; the 185-mile Paline crude oil pipeline from Longview to Nederland in Texas; Delek US’ wholesale marketing business in Texas; and five light product terminals - the Abilene, Big Sandy and San Angelo terminals in Texas and the Nashville and Memphis terminals in Tennessee.
Barclays Bank and Bank of America Merryll Lynch will serve as underwriters.
Delek US's share price opened at $19.13 in New York today, giving a market cap of $1.1 billion. Delek Group's share price fell 1.8% by late afternoon on the TASE to NIS 563.90, giving a market cap of NIS 6.5 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 12, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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