Northern Tier Energy - Raffinerie-MLP - 500 Beiträge pro Seite

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RIDGEFIELD, Conn., Nov. 12, 2013 /PRNewswire/ -- Northern Tier Energy LP (NYSE: NTI) ("Northern Tier Energy" or the "Company") today announced that its private equity sponsors, ACON Investments, L.L.C. ("ACON") and TPG, have entered into a definitive agreement to sell all of their interests in Northern Tier Energy, including those of the general partner, to Western Refining, Inc. (NYSE: WNR) ("Western Refining") for total consideration of $775 million plus the distribution on the common units acquired with respect to the quarter ended September 30, 2013. As a result of this transaction, Western Refining now owns 100% of the general partner and 35,622,500 common units, or 38.7%, of Northern Tier Energy. The balance of the limited partner units will remain publicly traded. The transaction was signed and closed on November 12, 2013.

Hank Kuchta, Chief Executive Officer and President of Northern Tier Energy, said, "We are excited to welcome Western Refining as a new strategic partner and investor that is committed, as much as we are, to Northern Tier Energy's long-term success. We thank ACON and TPG for their support over the past three years and we now look forward to working together with the Western Refining team to maximize value for all of our stakeholders."

Jeff Stevens, Chief Executive Officer and President of Western Refining, said, "This investment further enhances our strategic goal of expanding our refining presence in areas with direct pipeline access to cost-advantaged crude oil resources. By adding these strategically aligned assets to our business portfolio, this transaction adds scale to our business and diversifies our operations by adding a new geographic region to our refining platform. Northern Tier Energy's St. Paul Park refinery is a very successful refinery with pipeline access to cost-advantaged crude oil and refined product regions that historically have generated strong product margins. The combined strength and scale of the two organizations will provide future growth opportunities for both companies over the long-term."

Vinson & Elkins LLP served as legal counsel and Barclays and J.P. Morgan Securities LLC served as co-financial advisors to ACON and TPG in the transaction.

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Company completes all planned and unplanned maintenance; Declares $0.31 quarterly distribution
RIDGEFIELD, Conn., Nov. 11, 2013 /PRNewswire/ --

Third Quarter Highlights:

Net Income was $27.2 million and Adjusted EBITDA was $51.3 million
Company declared a third quarter distribution of $0.31 per common unit that will be paid in cash on November 27, 2013
Cumulative cash distributions since initial public offering stands at $4.97 per common unit
All planned and unplanned maintenance work was completed as of mid-October, resulting in enhanced future throughput and distillate yield
Northern Tier Energy LP and its subsidiaries (NYSE: NTI) ("Northern Tier Energy" or "the Company") today reported results for the third quarter ending September 30, 2013.

Net income was $27.2 million compared to $61.1 million for the third quarter of 2012. Adjusted EBITDA for the third quarter of 2013 was $51.3 million compared to $249.5 million for the third quarter of 2012. These decreases were primarily driven by a 61% decline in the Group 3 6:3:2:1 crack spread and a 7% decline in refinery throughput and production due to unplanned downtime at the Saint Paul Park Refinery. Tightened crude oil price differentials and weaker local market pricing for both light and heavy products also contributed to the decrease in Adjusted EBITDA. See the table below for a full reconciliation of non-GAAP performance measures.

"We faced a number of headwinds in the last month of this quarter with weaker market fundamentals and some unplanned downtime at our Saint Paul Park Refinery," said Hank Kuchta, Chief Executive Officer and President of Northern Tier Energy. "However, we have now completed all of our planned and unplanned maintenance work as well as certain discretionary projects we previously announced, which has increased our potential throughput and enhanced our distillate yield. We are very excited to look to 2014 as a year in which the Saint Paul Park Refinery is very well positioned to take advantage of our favorable crude dynamics."

Quarterly Distribution

The Board of Directors of Northern Tier Energy GP LLC, the general partner of Northern Tier Energy LP, has approved a third quarter distribution of $0.31 per unit that will be paid in cash on November 27, 2013 to common unit holders of record as of the close of business on November 21, 2013. Cash available for distribution totaled approximately $28 million for the third quarter of 2013.

Northern Tier Energy LP is a variable distribution master limited partnership. As a result, its quarterly distributions, if any, will vary from quarter to quarter due to several factors including, but not limited to, (i) its operating performance, (ii) fluctuations in the prices paid for crude oil and other feedstocks as well as the prices received for finished products, (iii) capital expenditures, and (iv) other cash reserves deemed necessary or appropriate by the board of directors of its general partner.

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bin hierüber drauf gekommen: http://www.institutionalinvestor.com/blogarticle/3275419/How…

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verdoppelt

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und nochmal

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schade

Northern Tier unitholders to receive $15 cash and 0.2986 of a Western Refining share in exchange for each Northern Tier common unit

Allows Northern Tier unitholders to elect all cash or all stock consideration, subject to proration

Merger results in diversified refining asset base with three top tier refineries that have direct pipeline access to advantaged crude oil basins

Additional synergies and increased flexibility to sell Northern Tier traditional logistics assets to Western Refining Logistics


EL PASO, Texas and TEMPE, Ariz., Dec. 21, 2015 (GLOBE NEWSWIRE) --

Western Refining, Inc. (NYSE:WNR) and Northern Tier Energy LP (NYSE:NTI) today jointly announced that they have entered into a merger agreement whereby Western will acquire all of NTI’s outstanding common units not already owned by Western.

Under the terms of the merger agreement, NTI unitholders will receive $15.00 in cash and 0.2986 of a share of WNR common stock for each NTI common unit held. Using the WNR 20-day volume weighted average price as of October 23, 2015 (the last trading day before WNR made its initial offer to acquire all of NTI’s outstanding common units) results in an implied consideration of $28.34 for each NTI unit. This represents an 18% premium to the 20-day volume weighted average price of NTI’s common unit price as of October 23, 2015.

As an alternative to the cash and stock consideration, each NTI unitholder may elect to receive, per NTI unit, either $26.06 in cash or 0.7036 of a share of WNR. The election will be subject to proration to ensure that the aggregate cash paid and WNR common stock issued in the merger will equal the total amount of cash and number of shares of WNR common stock that would have been paid and delivered if all NTI unitholders received $15.00 in cash and 0.2986 of a share of Western common stock per NTI common unit. Upon completion, NTI unitholders are expected to own approximately 15% of WNR. The transaction is expected to close in the first half of 2016.

WNR intends to fund the cash portion of the merger consideration with a combination of cash-on-hand and debt financing. Assuming completion of the proposed transaction, NTI will become a wholly-owned subsidiary of WNR and NTI common units will cease to be publicly traded. NTI’s 7.125% Senior Secured Notes due 2020 and revolving credit facility are expected to remain in place.

Jeff Stevens, President and CEO of WNR said, “The merger of Western and NTI will result in the combined entity owning three of the most profitable independent refineries on a gross margin per barrel basis, with direct pipeline access to advantaged crude oil combined with an integrated retail and wholesale distribution network. With a simplified corporate structure and diverse geographic base, Western will have greater access to capital and be positioned to profitably grow the company. We are excited to move forward with this transaction and continue to maximize opportunities to deliver shareholder value.”

Dave Lamp, President and CEO of Northern Tier, added, “The variable distribution MLP model has not been rewarded by the equity market, as evidenced by the historical disconnect between NTI’s high yield and low unit price. With a simplified corporate structure and diverse geographic base, the new Western will be well positioned to unlock additional value for shareholders.”

Paul Foster will remain Executive Chairman and Jeff Stevens will remain Chief Executive Officer of WNR. Upon the closing of the transaction, Dave Lamp will be named President and Chief Operating Officer of Western. The WNR Board of Directors will remain unchanged.

The terms of the merger agreement were approved by the WNR Board of Directors and the Conflicts Committee of the Board of Directors of NTI’s general partner, which negotiated the terms on behalf of NTI. The Conflicts Committee of the Board of Directors of NTI’s general partner is comprised solely of independent directors who retained independent financial and legal advisors in connection with their evaluation of the merger.

The closing of the merger is subject to the satisfaction of customary closing conditions, including the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act and the approval of the merger at a special meeting of NTI unitholders by the affirmative vote of holders of a majority of the outstanding NTI common units (including the NTI common units held by WNR). WNR currently owns approximately 38% of the common units and 100% of the general partnership interest of NTI, and WNR has agreed to vote all of the NTI common units it owns in favor of the merger.

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es kam anders...:

So ein Scheiß!

Der deutsche Fiskus läuft wieder mal Amok.

Habe anläßlich umfangreicher Nachbuchungen von comdirect erfahren, dass Monsieur le Schäuble per Schreiben vom 18.1.2016 folgendes erließ:

"Einkommensteuerrechtliche Behandlung der Erträge aus einer Limited Liability Company (LLC), Limited Partnership (LP) oder einer Master Limited Partnership (MLP)

Bestimmte Gesellschaften - beispielsweise in der Rechtsform einer LLC, LP oder einer MLP -, deren Anteile als depotfähige Wertpapiere an einer Börse gehandelt werden, können nach ausländischem Steuerrecht ein Wahlrecht zur Besteuerung als Kapital- oder Personenge- sellschaft haben. Erträge aus solchen Gesellschaften sind für das Steuerabzugsverfahren auch dann als Dividendenerträge i. S. des § 20 Absatz 1 Nummer 1 EStG zu behandeln, wenn nach ausländischem Steuerrecht zur Besteuerung als Personengesellschaft optiert wurde.

Die Anrechnung der ausländischen Quellensteuer findet allein im Veranlagungsverfahren statt. Hinsichtlich der steuerlichen Einordnung beispielsweise einer LLC, LP oder einer MLP als Personengesellschaft oder Kapitalgesellschaft gelten die Grundsätze des BMF-Schreibens vom 19. März 2004 (BStBl I S. 411) unter Berücksichtigung der Ausführungen in Textzif- fer 1.2 des BMF-Schreibens vom 26. September 2014 (BStBl I S. 1258)."


Ergebnis:
Von 100% Distribution lassen die Amis eh' schon nur 60,4% durch und davon tun sich unsere nochmal 26,375% weg. Es bleiben also 34%, die Steuerlast beträgt 76%!.

Von der Anrechnung im Veranlagungsverfahren erwarte ich mir wenig, da in den referenzierten älteren Schreiben ziemlich klar wird, dass die börsennotierten MLP nach deutschem Recht als Körperschaften einzustufen und deswegen keine US-Steuern anzurechnen sind.


Habe inzwischen alles verkauft oder ein Erinnerungsstück behalten bei:

Hi-Crush, Emerge Energy Services, Enbridge Energy Partners, Williams Partners, Energy Transfer Partners (Komplettverkauf)

Northern Tier Energy, Amerigas, Energy Transfer Equity, CONE Midstream, CNX Resources, Enterprise Products, Legacy Reserves, CSI Compressco, USA Compression, Archrock Partners, Buckeye Partners, Blueknight Partners, Boardwalk Pipeline, Alliance Resource Partners, Alliance Holdings, EV Energy Partners, Cheniere Energy Partners, Linn Energy (Erinnerungsstück(e))

Scheinbar ausgenommen vom Problem ist nur Enbridge Energy Management, weil dort nicht die US-Steuer vorabgezogen wird.


Wenigstens sollten die Verluste nun anrechenbar sein...


Werde trotz meiner Skepsis natürlich versuchen, im Anrechnungsverfahren was zu erreichen.

Wie schon gesagt: So ein Scheiß!

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Merger ist durch

Erinnerungsstück wurde ausgebucht;

werde mir in Kürze mal überlegen, vielleicht den Acquirer Western Refining näher anzuschauen.

Ansonsten:

over-and-out