Western Refining Amends and Extends Revolving Credit Agreement
EL PASO, Texas, April 11, 2013 (GLOBE NEWSWIRE) -- Western Refining, Inc.
(NYSE:WNR) today announced the successful completion of an amendment and
restatement of its revolving credit agreement. The amended agreement, which is
comprised of a syndicate of banks with commitments of $900.0 million, matures
in April 2018. Additionally, the amendment provides for a reduction in
borrowing rates and increased covenant flexibility.
"We are very pleased with the execution of this transaction as we continue to
strengthen our balance sheet.The amendment provides Western increased
financial flexibility which will allow us to continue to execute our business
plan," said Jeff Stevens, Western's President and CEO. "This is a strong show
of support from our lenders and we appreciate their continued confidence in
The amended terms of the agreement include revised borrowing rates.
Borrowings can be either base rate loans plus a margin ranging from 0.75% to
1.25% or LIBOR loans plus a margin ranging from 1.75% to 2.25%, subject to
adjustment based upon the average excess availability.The amendment also
provides for a quarterly commitment fee ranging from 0.25% to 0.50% per annum,
subject to adjustment based upon the average utilization ratio, and letter of
credit fees ranging from 1.75% to 2.25% per annum payable quarterly, subject
to adjustment based upon the average excess availability. The facility is used
to fund general working capital needs and letter of credit
requirements.Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells
Fargo Capital Finance, LLC acted as Joint Lead Arrangers and Joint Bookrunners
of the facility.
Further details of the amended Revolving Credit Agreement will be more fully
described in a current report on Form 8-K that the Company will file with the
Securities and Exchange Commission.
About Western Refining
Western Refining, Inc. is an independent refining and marketing company
headquartered in El Paso, Texas. Western operates refineries in El Paso, and
Gallup, New Mexico. Western's asset portfolio also includes stand alone
refined products terminals in Albuquerque and Bloomfield, New Mexico; asphalt
terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail
service stations and convenience stores in Arizona, Colorado, New Mexico and
Texas; a fleet of crude oil and finished product truck transports; and
wholesale petroleum products operations in Arizona, California, Colorado,
Maryland, Nevada, New Mexico, Texas, and Virginia. More information about the
Company is available at www.wnr.com.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements.The forward-looking
statements contained herein include statements about future: strength of our
balance sheet, increased financial flexibility and ability to execute our
business plan.These statements are subject to the general risks inherent in
our business and reflect our current expectations regarding these matters.
These expectations may or may not be realized. Some of these expectations may
be based upon assumptions or judgments that prove to be incorrect.In
addition, Western's business and operations involve numerous risks and
uncertainties, many of which are beyond Western's control, which could result
in Western's expectations not being realized or otherwise materially affect
Western's financial condition, results of operations and cash flows.
Additional information relating to the uncertainties affecting Western's
business is contained in its filings with the Securities and Exchange
Commission. The forward-looking statements are only as of the date made, and
Western does not undertake any obligation to (and expressly disclaims any
obligation to) update any forward looking statements to reflect events or
circumstances after the date such statements were made, or to reflect the
occurrence of unanticipated events.
CONTACT: Investor and Analyst Contact:
Jeffrey S. Beyersdorfer
Western Refining Inc. Logo
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