Western Refining Inc. (NYSE: WNR) authorized a US $200 million share repurchase program.
The program is in addition to the US $200 million share repurchase program approved by the board of directors in July 2012. Under the July 2012 program, the company completed the repurchase of 6.77 million shares of its common stock at a cost of US $199.5 million through April 5. Share repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. The share repurchase programs may be discontinued at any time by the board of directors.
Additionally, the company's board of directors approved a cash dividend of US $0.12 per share for 2Q 2013. The dividend will be paid on May 8, to shareholders of record at the close of market on April 23.
Western also announced the expiration and final results of its tender offer to purchase any or all of its outstanding US $325 million aggregate principal amount 11.25% senior secured notes due 2017. The company had previously accepted for purchase some US $149 million principal amount of the 2017 notes, which had been validly tendered and not validly withdrawn on March 22. Payment for all 2017 notes accepted for purchase thereby was made on March 25. As of the final expiration of the tender offer on April 5, an additional US $2.5 million of 2017 notes were validly tendered and not validly withdrawn, resulting in a total amount of some US $151 million of 2017 notes that were validly tendered and not validly withdrawn. Payment for all the remaining tendered 2017 notes accepted for purchase was made on April 8. Western intends to retire the remaining, untendered 2017 notes on April 24, through a call for redemption, and has provided notice of such call to the holders of the 2017 notes.
Western Refining Inc. is an independent crude oil refiner and marketer of refined products. The company is headquartered in El Paso, Texas.
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