Northern Tier Energy in $262 Million IPO

July 31, 2012

Cleary Gottlieb represented underwriters Goldman, Sachs & Co., Barclays, BofA Merrill Lynch, Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, J.P. Morgan and Macquarie Capital in Northern Tier Energy’s $262 million initial public offering of approximately 18.7 million common units representing limited partner interests (including full exercise of the underwriters’ option to purchase additional units). The offering priced on July 25 at $14 per common unit and closed on July 31. Northern Tier Energy is majority-owned by a company controlled by ACON Investments, L.L.C., TPG Global LLC and certain members of Northern Tier Energy’s management.

Northern Tier Energy is an independent downstream energy limited partnership with refining, retail and pipeline operations serving the Midwest region of the United States. Northern Tier Energy’s refining business primarily consists of a 74,000 barrel per day refinery located in St. Paul Park, Minnesota, and its retail business consists of 233 convenience stores (including 67 franchised stores) operated under the SuperAmerica brand.