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    SuperAmerica Parent Files New IPO Paperwork

    Northern Tier Energy hopes to raise as much as $341 million, in part to pay off debt owed to Marathon Oil.

    RIDGEFIELD, Conn. -- Northern Tier Energy LP, parent company to SuperAmerica gas stations and convenience stores, hopes to raise as much as $341 million in an initial public offering (IPO), according to multiple media reports.

    Northern Tier filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to offer 16.25 million common shares at a price between $19 and $21 per share. The company’s stock would trade under the ticker symbol, NTI.

    According to Reuters, Northern Tier is valued at $1.47 billion. The company lost $193.6 million on revenues of $1 billion in its latest quarter ending March 31, the news outlet noted.

    Northern Tier has 233 SuperAmerica stores, primarily located in Minnesota and Wisconsin. The company owns and operates 166 SuperAmerica stores, while the 67 others are franchised.

    According to several local newspapers, Northern Tier will use the IPO proceeds to pay off debt and cover losses. More specifically, $132 million reportedly would be paid to former Speedway LLC parent Marathon Oil Corp., ending its minority ownership in Northern Tier. Marathon Oil sold Northern Tier most of its Minnesota downstream assets in December 2010; the sale was valued at approximately $935 million. In addition, $92 million would be paid to an affiliate of Goldman Sachs & Co., media reports stated.

    Northern Tier completed a different filing with the SEC in December. As CSNews Online reported at the time, the company filed a Form S-4 seeking up to $290 million of 10.5-percent senior secured notes due 2017.

    The December IPO filing was intended to satisfy the company's obligations under the registration rights agreement, Northern Tier said, and would not result in any proceeds from the issuance of new notes.

    Under the new filing, however, Northern Tier would receive proceeds from the 16.25 million shares it seeks to sell. At this time, it is unknown if this new IPO replaces the prior one or is in addition to it.

    Northern Tier was created in 2010 after TPG Capital and ACON Investments purchased the Marathon Oil assets.

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