Giant Industries to pay down revolver debt with latest asset sale proceeds

By Sara Rosenberg

New York, June 25 - Giant Industries Inc. will use proceeds from its sale of Travel Center to reduce outstanding debt under its revolver.

These proceeds, combined with proceeds from other previously completed asset sales, have allowed the company to satisfy a credit facility covenant, which calls for the reduction of revolver debt by $15 million from the proceeds of the asset sales occurring between Oct. 1, 2002 and June 30, 2003.

Giant is a Scottsdale, Ariz. refiner and marketer of petroleum products.

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