World Point Terminals files IPO, sheds light on Apex Oil

World Point Terminals, an operator of petroleum-products terminals, filed a revised version of its public offering Monday, revealing some information about Apex Oil Company Inc., its affiliate.

For instance, we now know that for the past three years ended Sept. 30, Apex averaged annual revenue of more than $5 billion and sales of more than 50 million barrels of refined products. Apex also owns six refined product and crude oil storage terminals in the East Coast and Gulf Coast regions, with an aggregate available storage capacity of 7.8 million barrels, according to World Point?s IPO.

In the IPO, World Point said it plans to list its common units on the New York Stock Exchange under the symbol ?WPT.? The company did not disclose how much money it plans to raise.

For the year ended Dec. 31, 28 percent of World Point?s revenue was derived from Apex, according to the filing. And for the three months ended March 31, 34 percent of its revenue was derived from Apex.

The company had a combined available storage capacity of 12.4 million barrels located in the East Coast, Gulf Coast and Midwest regions of the United States, as of May 31.

Privately-held Apex, which is controlled by Chairman Paul Novelly and members of his family, will be in the same building as World Point at 8235 Forsyth Blvd. in Clayton. According to the IPO, Novelly will devote a majority of his time to his role at Apex and will also spend time, as needed, directly managing World Point?s business affairs.

In addition to its public offering, World Point is expected to borrow up to $200 million from its lenders. A pro forma financial statement for World Point shows 2012 revenue of $74.1 million and net income of $31.4 million. The company expects to post total revenue of $73.9 million for the 12 months ended March 31 and $82.8 million for the 12 months ending June 30, 2014.

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