New Issue: Western Refining prices $300 million 7½% eight-year notes at par

By Paul A. Harris

Portland, Ore., Feb. 6 – Western Refining Logistics, LP priced a $300 million issue of eight-year senior notes (B3/B/) at par to yield 7½% on Friday, according to a syndicate source.

The yield printed at the tight end of the 7½% to 7¾% yield talk.

The Rule 144A and Regulation S offering with registration rights came to market via joint global coordinators BofA Merrill Lynch and Wells Fargo Securities LLC and joint bookrunners Credit Agricole CIB, RBS Securities Inc. and Stifel, Nicolaus & Co. Inc.

Western Refining Logistics, an El Paso, Texas-based operator of pipelines, storage tanks and other midstream energy facilities, intends to use a portion of the net proceeds to repay the outstanding balance of its revolving credit facility, with the remaining amount to be used for general partnership purposes.

Issuer:	Western Refining Logistics, LP and WNRL Finance Corp.
Amount:	$300 million
Maturity:	Feb. 15, 2023
Securities:	Senior notes
Left global coordinator:	BofA Merrill Lynch
Global coordinator:	Wells Fargo Securities LLC
Joint bookrunners:	Credit Agricole CIB, RBS Securities Inc., Stifel Nicolaus & Co. Inc.
Co-managers:	Barclays, Comerica, Deutsche Bank Securities Inc., PNC Capital Markets, Regions, UBS Investment Bank
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	572 bps
Call protection:	Three years
Trade date:	Feb. 6
Settlement date:	Feb. 11
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S
Price talk:	7½% to 7¾%
Marketing:	Roadshow

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