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Alon USA Energy's $60 million perpetual convertible preferreds do not price as planned Thursday
By Rebecca Melvin
New York, Oct. 15 - Alon USA Energy Inc. did not price Thursday as planned a public offering of $60 million of the company's series A convertible preferred stock that was launched Tuesday, according to a syndicate source.
The registered preferreds, which were expected to consist of 6 million shares with a liquidation preference of $10.00 per share, may price Friday or at a later date.
"The company is thinking about its options," the syndicate source said, declining to give any further information.
The deal, which was being sold via Deutsche Bank Securities Inc., was talked with a dividend of 8.25% to 8.75% and an initial conversion premium of 15% to 20%.
Alon intended to pursue the offering of preferred stock with Deutsche Bank in place of the previously announced $40 million convertible preferred rights offering.
Alon Israel Oil Co. Ltd., the company's majority shareholder, has indicated its desire to purchase about $30 million of the $60 million of preferred stock being offered.
Alon is a Dallas-based petroleum products marketer.
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