Basics: Basically an oil refinery, network of gas stations and a pipeline. They live off the spread and pay a cash dividend quarterly based on results. Based in Ridgefield, CT, online at

Books: Goldman, Barclays and BofA with Credit Suisse, Deutsche, UBS, JPM, and Macquarie also on the cover as co-managers.

Deal: 16.25M units at the $20 mid-point = $325M total. [Estimated offering expenses $37M!? Talk about processing margin.]

There's not a great deal to say about a refiner. Their "story" is that they have a . . .

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