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United Refining tenders, seeks consents for 10½% senior notes due 2012
By Susanna Moon
Chicago, Feb. 22 - United Refining Co. said it began a cash tender offer for its $323.96 million of outstanding 10½% senior notes due 2012.
United Refining also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and eliminate or modify events of default and related provisions.
The company must receive consents from holders of at least a majority of the outstanding notes to amend the notes. Holders who tender notes must consent to the proposed amendments, and holders may not deliver consents without tendering notes.
The company will pay $1,005 for each $1,000 principal amount of notes tendered by 5 p.m. ET on March 7, the consent date. The total payment includes a $30 consent payment.
Holders who tender after the consent date will receive $1,005 per $1,000 principal amount.
United Refining also will pay accrued interest up to but not including the payment date.
Holders may tender notes until midnight ET on March 21.
The early payment date is expected to be March 8. The final payment date will be March 22.
The completion of the tender offer and the solicitation is conditioned upon the issuance of senior secured notes to fund the offers and the receipt of consents from holders of at least a majority of the outstanding notes as well as the execution of the supplemental indenture.
Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 325-5912) is the dealer manager and solicitation agent.
D.F. King & Co., Inc. (800 829-6551 or for brokers and banks 212 269-5550) is the information agent.
United Refining is a Warren, Pa.-based refiner and marketer of petroleum products.
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