Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Western Refining, Inc. > News item |
Western Refining $1.9 billion credit facility to launch Thursday
By Sara Rosenberg
New York, Jan. 30 - Western Refining Inc. is scheduled to hold a bank meeting on Thursday to launch its proposed $1.9 billion credit facility, according to a market source.
Bank of America is the lead bank on the deal.
The facility consists of a $500 million revolver, a $1.125 billion term loan B and a $275 million delayed-draw term loan, the source said.
Proceeds will be used to help fund the acquisition of Giant Industries Inc. for $77.00 in cash per share.
The transaction is currently expected to close in the first quarter, subject to approval by Giant stockholders and the satisfaction of other closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
A special meeting for Giant stockholders regarding the acquisition is scheduled for Feb. 27.
Western is an El Paso, Texas, independent refiner and marketer. Giant is a Scottsdale, Ariz., refiner and seller of petroleum products.
© 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.