Oil, Gas and Consumable Fuels
Company Overview of United Refining Company
United Refining Company, together with its subsidiaries, operates as an integrated refiner and marketer of petroleum products primarily in western New York and northwestern Pennsylvania. It operates in two segments, wholesale and Retail. The Wholesale segment is involved in the acquisition of crude oil; petroleum refining; supply of petroleum products to the retail segment; and marketing of petroleum products to wholesale and industrial customers. The Retail segment sells petroleum products under the Kwik Fill, Citgo, and Keystone brand names through a network of company-operated retail units; and convenience and grocery items through company-owned gasoline stations and convenience stores un...
15 Bradley Street
Warren, PA 16365
Founded in 1902
Key Executives for United Refining Company
Chairman, Chief Executive Officer, Chairman of United Refining Company of Pennsylvania, Chairman of Kiantone Pipeline Corporation and Chairman of United Jet Center Inc
President, Chief Operating Officer, Director, President of United Refining Company of Pennsylvania, President of Kiantone Pipeline Corporation and President of United Jet Center Inc
Chief Financial Officer, Vice President and Treasurer
Vice President, General Counsel and Secretary
Vice President of Supply & Transportation
Compensation as of Fiscal Year 2015.
United Refining Company Key Developments
United Refining Company Announces Earnings Results for the Year Ended August 31, 2015
Nov 23 15
United Refining Company announced earnings results for the year ended August 31, 2015. Net income for the fiscal year ended August 31, 2015 was $82.1 million. This is an increase of $11.0 million from net income of $71.1 million for the year ended August 31, 2014. EBITDA (LIFO) was $197.1 million for the fiscal year ended August 31, 2015, an increase of $22.5 million from $174.6 million from the fiscal year ended August 31, 2014. Adjusted EBITDA on a FIFO basis during fiscal years 2015 and 2014 was $93.6 million and $175.4 million, respectively. Net sales for the fiscal year ended August 31, 2015 were $2,716.7 million, a decrease of $722.5 million from $3,439.2 million for 2014. The decrease in Company sales was primarily attributed to a drop in NYMEX crude oil prices which averaged $101.05/bbl for fiscal 2014 versus $64.93/bbl for fiscal 2015. This 36% decrease per barrel was also reflected in a decrease in wholesale and retail selling prices. Operating income was $158,045,000 compared to $144,177,000 a year ago.
United Refining Company, United Refining Company of Pennsylvania, Kiantone Pipeline Corporation, United Refining Company of New York Inc., United Biofuels, Inc., Country Fair, Inc. and Kwik-Fill Corporation Enters into an Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement with PNC Bank
Oct 26 15
United Refining Company, United Refining Company of Pennsylvania, Kiantone Pipeline Corporation, United Refining Company of New York Inc., United Biofuels, Inc., Country Fair, Inc. and Kwik-Fill Corporation (Borrowers) entered into an Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement with a group of lenders led by PNC Bank, National Association, as Administrative Agent, and PNC Capital Markets LLC, as Sole Lead Arranger and Bookrunner, pursuant to which the Company: (i) increased its existing revolving credit facility from $175,000,000 to $225,000,000 (Revolving Credit Facility); (ii) entered into a term loan in the amount of $250,000,000 (Term Loan); (iii) amended certain representations, warranties, covenants and terms and conditions contained in the Credit Agreement, including the provision of additional collateral in the form of a first lien mortgage on the petroleum refining facility located in Warren, Pennsylvania and the Cobham Park tank farm; and (iv) included additional subsidiaries of the Company as borrowers under the Credit Agreement and re-characterized Kwik Fill Corporation as a borrower and not as a guarantor. Both the Revolving Credit Facility and Term Loan are secured primarily by certain cash accounts, accounts receivable, inventory, the Refinery and the capital stock of Kiantone; provided, that the Refinery and the Kiantone stock will be released as collateral as soon as the Term Loan is paid in full. The Company intends to use the proceeds from the Revolving Credit Facility for working capital needs and general corporate purposes and the proceeds from the Term Loan to finance its cash tender offer (Tender Offer) for any and all of its $237.25 million aggregate principal amount of outstanding 10.500% First Priority Senior Secured Notes due 2018. As amended, interest under the Revolving Credit Facility is calculated as follows: (a) for domestic rate borrowings, at (i) the greater of the Agent's prime rate, federal funds rate plus 0.5% or the daily LIBOR rate plus 1%, plus (ii) an applicable margin of 1.25% to 1.75%, and (b) for euro-rate borrowings, at the LIBOR rate plus an applicable margin of 2.25% to 2.75%. The applicable margin will vary depending on a formula calculating the Company's average unused availability under the facility. Until expiration on October 20, 2020, the Company may borrow on a borrowing base formula.
United Refining Company Announces Early Tender Offer Results and Acceptance of 10.500% First Priority Senior Secured Notes Due 2018
Oct 20 15
United Refining Company announced the early tender results of the previously announced cash tender offer for any and all of its $237.25 million aggregate principal amount of outstanding 10.500% First Priority Senior Secured Notes due 2018, Series A and solicitation of consents for proposed amendments to the related indenture. As of the previously announced early tender payment deadline of 5:00 p.m., New York City time, on October 19, 2015, $217,871,000 in aggregate principal amount, or approximately 91.83% of the Notes, has been validly tendered and not withdrawn. URC has accepted for purchase all of the tendered Notes. The Company also received the requisite consents for the Proposed Amendments to eliminate most of the covenants applicable to the Notes, as well as to release all of the collateral securing the Notes. The terms and conditions of the Tender Offer and Consent Solicitation are described in URC's Offer to Purchase and Consent Solicitation Statement dated as of October 6, 2015 and related consent and letter of transmittal. The Tender Offer will expire at 12:00 midnight, New York City time, on November 2, 2015, unless otherwise extended or earlier terminated. Holders of Notes that were validly tendered prior to the Early Tender Payment Deadline and accepted for purchase will receive total consideration of $1,057.50 per $1,000 principal amount of Notes validly tendered and accepted for purchase, which includes an early tender payment of $30.00 per $1,000 principal amount of Notes, plus any accrued and unpaid interest up to, but not including, the initial settlement date, which is expected to be October 20, 2015. Holders of Notes that validly tender their Notes after the Early Tender Payment Deadline but on or before the Expiration Time will be eligible to receive a tender offer consideration of $1,027.50 per $1,000 principal amount of Notes, which is equal to the total consideration minus an early tender payment of $30.00 per $1,000 principal amount of the Notes. Holders whose Notes are accepted for payment in the Tender Offer will receive accrued and unpaid interest up to, but not including, the final settlement date, which is expected to be November 4, 2015. This news release is neither an offer to purchase nor a solicitation of an offer to sell any Notes. The Tender Offer and the Consent Solicitation are being made only pursuant to the Offer to Purchase and Consent Solicitation Statement, copies of which will be delivered to holders of the Notes. Persons with questions regarding the Tender Offer and the Consent Solicitation should contact the dealer manager, Eaglehill Advisors LLC, at 212-405-1200, or the Information Agent, Global Bondholder Services Corporation, at 866-794-2200 (toll free) or 212-430-3774 (collect).
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