Agreement with YA Global Master SPV, at 1.5% discount, spans two years
By Devika Patel
Knoxville, Tenn., Jan. 24 - Alon USA Energy, Inc. arranged a two-year standby equity distribution agreement with YA Global Master SPV Ltd. on Jan. 20, according to an 8-K filed Monday with the Securities and Exchange Commission. The agreement is for up to $25 million.
The company may sell common shares in tranches of up to $1.5 million at a price equal to 98.5% of the lowest daily volume-weighted average price of the stock during the five consecutive trading days after the company provides an advance notice to YA.
Dallas-based Alon USA Energy refines and markets petroleum products.
| Issuer: | Alon USA Energy, Inc.
|
| Issue: | Standby equity distribution agreement
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| Amount: | $25 million
|
| Tenor: | Two years
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| Price: | 98.5% of lowest daily volume-weighted average price
|
| Warrants: | No
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| Investor: | YA Global Master SPV Ltd.
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| Agreement date: | Jan. 20
|
| Stock symbol: | NYSE: ALJ
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| Stock price: | $6.96 at close Jan. 20
|
| Market capitalization: | $380.35 million
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