Moody's rates Giant Industries notes

Moody's Investors Service said it rated Giant Industries' pending $150 million of 10-year senior subordinated notes B3, confirmed the existing ratings, and maintained a stable outlook.

Ratings confirmed include the company's B3 rated $150 million of 9% notes due 2007 and $200 million of 11% notes due 2012, B1 senior implied rating and B2 senior unsecured issuer rating.

Note proceeds, net proceeds of a pending common equity offering, and roughly $25 million of balance sheet cash will fund: (1) a pending tender for and retirement of $150 million of 9% senior subordinated notes due 2007, (2) partial tender for up to $50 million of the $200 million of 11% notes due 2012, and (3) retirement of the remaining $20 million of a senior mortgage loan that had partly funded the 2002 acquisition of BP Amoco's 61,900 barrel/day Yorktown, Va., refinery.

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