Northern Tier Energy tenders for 10½% senior secured notes due 2017

New York, Oct. 17 - Northern Tier Energy LLC announced it has begun a tender offer and consent solicitation for its 10½% senior secured notes due 2017.

The company is offering $1,150 for each $1,000 principal amount of the debt, a total that includes a consent payment of $30 per $1,000.

Holders must tender with consents by 5 p.m. ET on Oct. 30 to receive the full payment. The offer ends at 11:59 p.m. ET on Nov. 14.

Northern Tier will also pay accrued interest up to but excluding the settlement date.

In the consent solicitation, Northern Tier is seeking authorization to eliminate most of the covenants, certain events of default and other provisions in the note indentures. The company needs consents from holders of a majority of the notes.

Funding for the tender will come from a new senior secured debt offering. The offer is subject to completion of the financing, the receipt of consents to amend the notes and other customary conditions.

Goldman, Sachs & Co. is dealer manager (800 828-3182 or call collect 912 902-5183). Global Bondholder Services Corp. is tender and information agent (866 294-2200).

Northern Tier is a Ridgefield, Conn.-based downstream energy company. It was established to own and operate the St. Paul Park Refinery as well as a retail network of SuperAmerica brand convenience stores and a 17% equity interest in the Minnesota Pipeline.

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