Western Refining Inc. (NYSE: WNR) has priced its private offering of US $350 million senior notes due 2021.
The notes will bear an interest rate of 6.25% per annum and will be issued at 100% plus accrued interest, if any, from March 25.
Net proceeds will be used to repurchase any and all of its outstanding 11.250% senior secured notes due 2017 in a concurrent tender offer and related consent solicitation, pay any related fees and expenses, including any applicable consent solicitation fees, tender premiums and accrued interest on the existing secured notes, and redeem or discharge the existing secured notes, if any, that remain outstanding after the completion of the tender offer.
Western Refining Inc. operates as an independent crude oil refiner and marketer of refined products. The company is headquartered in El Paso, Texas.
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