Giant Industries to redeem part of 11% notes with stock sale proceeds

New York, March 22 - Giant Industries Inc. said it will use the equity clawback to redeem part of its 11% senior subordinated notes due 2012 with proceeds from a sale of 1 million shares of common stock.

Giant, a Scottsdale, Ariz., refiner and marketer of petroleum products, will sell the stock under its shelf registration.

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