Registered direct offering consists of series A convertible preferreds
By Devika Patel
Knoxville, Tenn., Oct. 26 - Alon USA Energy, Inc. said it plans a registered direct offering of 8.5% series A convertible preferred stock, priced at $10.00 per preferred. The deal will raise $60 million and settle on Oct. 28.
Each of the 6 million preferreds is convertible initially into 1.484 common shares based on an initial conversion price of $6.74 per share. The conversion price is a 19.08% premium to $5.66, the Oct. 25 closing share price.
Dallas-based Alon USA Energy refines and markets petroleum products.
| Issuer: | Alon USA Energy, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $60 million
|
| Preferreds: | 6 million
|
| Price: | $10.00
|
| Dividends: | 8.5%
|
| Conversion price: | $6.74
|
| Conversion ratio: | Into 1.484 common shares per preferred
|
| Warrants: | No
|
| Pricing date: | Oct. 26
|
| Settlement date: | Oct. 28
|
| Stock symbol: | NYSE: ALJ
|
| Stock price: | $5.74 at close Oct. 26
|
| Market capitalization: | $311 million
|
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