Western Refining amends revolver to extend $655 million of commitments

By Sara Rosenberg

New York, Dec. 28 - Western Refining Inc. amended its revolving credit facility, extending the maturity of $655 million of the debt to Jan. 1, 2015 while leaving $145 million of commitments to mature on May 31, 2012, according to a news release.

Pricing on the extended debt is initially Libor plus 350 basis points. The spread can range from Libor plus 300 bps to 375 bps based on unused availability.

The non-extended debt continues to be priced at Libor plus 375 bps to 450 bps based on leverage.

Also, the amendment replaced covenants with a fixed charge coverage ratio covenant that will apply only when unused availability falls below a specified level.

Bank of America and Wells Fargo acted as the joint lead arrangers on the deal.

Western Refining is an El Paso, Texas-based independent refining and marketing company.

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