Western Refining plans to redeem its floating-rate notes in December

By Ashley Montgomery

Kansas City, Kan., Nov. 3 - Western Refining Inc. intends to redeem all of its floating-rate notes when they become callable in December, the company said in a news release.

"Strengthening our balance sheet by further reducing debt continues to be a priority for Western, said Jeff Stevens, Western Refining president and chief executive officer, in the release. "We are pleased that our strategies and the favorable margin environment will allow us to execute this plan."

The redemption will result in $30 million reduction in annual cash interest expense, Stevens said in the release.

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

© 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.