United Refining to redeem 10¾% notes with new deal proceeds

New York, July 22 - United Refining Co. said it plans to redeem its $180.1 million principal amount of 10¾% senior notes using proceeds from a planned sale of $200 million of new notes.

The Warren, Pa., petroleum refiner and marketer will also use proceeds to pay a redemption premium of $3.2 million and an estimated $3.7 million of accrued interest.

Remaining proceeds will be used to pay a dividend of $5 million to its stockholder and for general corporate purposes.

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