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Western Refining wraps tenders for $151.33 million of 11¼% notes
By Marisa Wong
Madison, Wis., April 9 - Western Refining, Inc. announced that a total of $151,333,000 of its outstanding $325 million principal amount 11¼% senior secured notes due 2017 had been tendered by 11:59 p.m. ET on April 5, the expiration of its tender offer.
The company previously said it accepted for purchase $148,833,000 of its 11¼% notes tendered by the early tender deadline at 5 p.m. ET on March 22. Payment for the early tendered notes was made on March 25.
An additional $2.5 million of the 11¼% notes was tendered after the early deadline and before the expiration of the offer. Payment for those remaining tendered notes was made on April 8.
The company said it will redeem the remaining notes on April 24 and has already issued a call notice to holders.
As noted before, the total purchase price was $1,079.60 for each $1,000 principal amount of notes tendered by the early tender date.
Those who tender after the early tender deadline received $1,059.60 per $1,000 of notes, or the total payment less the $20.00 consent payment.
The company also paid accrued interest to but excluding the payment date.
The offer began on March 11 along with a consent solicitation.
The company sought consents from holders of a majority of the outstanding notes. Holders could not deliver consents without tendering their notes or vice versa.
The tender offer was conditioned on the company completing one or more debt security offerings. Western Refining priced $350 million of eight-year senior notes at par to yield 6¼% on March 12.
Deutsche Bank Securities Inc. (855 287-1922) is the dealer manager. D.F. King & Co., Inc. (800 488-8035) is the tender agent and information agent.
Western Refining is an independent refining and marketing company based in El Paso, Texas.
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