October 23, 2014 3:41 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Northern Tier Energy LP

Company Overview

Northern Tier Energy LP, an independent downstream energy company, is engaged in refining, retail, and pipeline operations in the United States. It operates through two segments, Refining and Retail. The Refining segment offers refined products, including gasoline, diesel, jet fuel, and asphalt to resellers and consumers primarily in the Petroleum Administration for Defense District II region. This segment also owns various storage and transportation assets, such as light products terminal, heavy products terminal, storage tanks, rail loading/unloading facilities, the Aranco and Cottage Grove pipelines, and Mississippi river dock, as well as owns a Minnesota Pipeline, a 455,000 barrel per da...

38C Grove Street

Suite 100

Ridgefield, CT 06877

United States

Founded in 2010

2,896 Employees

Phone:

203-244-6550

Fax:

203-431-7672

Key Executives for Northern Tier Energy LP

Chief Financial Officer of Northern Tier Energy GP LLC and Executive Vice President of Northern Tier Energy GP LLC
Age: 44
Total Annual Compensation: $630.6K
Compensation as of Fiscal Year 2013.

Northern Tier Energy LP Key Developments

Northern Tier Energy LP Announces Expansion of Revolving Credit Facility

Northern Tier Energy LP and certain of its subsidiaries announced the successful completion of an amendment and restatement of its revolving credit facility on September 29, 2014. As part of the amendment and restatement, the facility was expanded from $300 million to $500 million, the maturity was extended to September 2019, borrowing rates were reduced and covenant flexibility was increased. The amendment and restatement was undertaken in conjunction with the previously announced termination of a crude oil intermediation agreement between Northern Tier and J.P. Morgan Commodities Canada Corporation and the issuance of $75 million aggregate principal amount of senior secured notes due in 2020. The terms of the amended agreement include revised borrowing rates. Borrowings can be either base rate loans plus a margin ranging from 0.50% to 1.00% or LIBOR loans plus a margin ranging from 1.50% to 2.00%, subject to adjustment based upon the average historical excess availability. The amendment also provides for a quarterly commitment fee ranging from 0.25% to 0.375% per annum, subject to adjustment based upon the average utilization ratio, and letter of credit fees ranging from 1.50% to 2.00% per annum payable quarterly, subject to adjustment based upon the average historical excess availability. The facility is used to fund general working capital needs and letter of credit requirements. J.P. Morgan Securities LLC, Bank of America, N.A. and Suntrust Robinson Humphrey Inc. acted as Joint Lead Arrangers and Joint Bookrunners.

Northern Tier Energy LP Announces Offering of Senior Secured Notes

Northern Tier Energy LP announced that Northern Tier Energy LLC, which is a wholly owned subsidiary of Northern Tier, and NTE's wholly owned subsidiary Northern Tier Finance Corporation intend to commence a private placement to eligible purchasers of an additional $75 million in aggregate principal amount of their 7.125% senior secured notes due 2020. Northern Tier intends to use the net proceeds of the Offering for general partnership purposes, including the purchase of crude oil inventories. The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. This announcement is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to buy the Notes.

Northern Tier Energy LP Presents at Barclays CEO Energy-Power Conference, Sep-03-2014 03:05 PM

Northern Tier Energy LP Presents at Barclays CEO Energy-Power Conference, Sep-03-2014 03:05 PM. Venue: The Sheraton NY Hotel & Towers, 811 Seventh Ave, New York City, NY 10019, United States.

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