United Refining to redeem $127.75 million of 10½% first-priority notes

By Tali David

Minneapolis, July 29 - United Refining Co. plans to redeem $127.75 million of its $365 million 10½% first-priority senior secured notes due 2018, according to a press release.

The notes will be redeemed at 110.5 plus accrued interest on Aug. 30.

Funding for the redemption comes from the company's sale of $141,163,750 principal amount of 6% series A fixed-rate cumulative perpetual preferred stock to United Refining, Inc., the parent entity of the company, which closed on July 26.

The Bank of New York Mellon Trust Co., NA is the paying agent.

United Refining is a Warren, Pa.-based refiner and marketer of petroleum products.

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