Western Refining draws on upsized revolver for asset acquisition

By Wendy Van Sickle

Columbus, Ohio, Sept. 15 – Western Refining Logistics, LP drew down about $55 million on its newly upsized $500 million revolving credit facility to fund part of an asset acquisition, according to a press release.

The partnership announced on Thursday the closing of the acquisition of certain terminalling, storage and other logistics assets from St. Paul Park Refining Co. LLC, a wholly owned subsidiary of Northern Tier Energy LLC, for $155 million in cash and $15 million of Western Refining common units.

Western Refining funded the remainder of the cash portion of the consideration with $151 million of net proceeds from its recently closed public equity offering.

As previously reported, the company announced a $200 million increase to its revolver, for total capacity of $500 million, last week.

Wells Fargo Securities, LLC, SunTrust Robinson Humphrey, Inc. and Credit Agricole CIB acted as joint lead arrangers.

Western Refining Logistics is an El Paso, Texas-based operator of pipelines, storage tanks and other midstream energy facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.