Giant Industries plans to repay $20 million term debt on July 14

By Sara Rosenberg

New York, May 13 - Giant Industries Inc. has given notice to lenders that it will be prepaying about $20 million of its term loan debt on July 14 using cash on hand.

"These debt reduction efforts will reduce our annual interest payments by approximately $10.6 million in comparison to the 2003 level, assuming no future borrowings on our revolving credit facility. After we retire the term loan, we will have reduced our debt from approximately $450 million to $294 million since June 30, 2002," said Fred Holliger, chief executive officer, in a company news release.

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

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