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Wells Fargo Securities, Others Arrange WNRL’s Facility Increase to $500MM

September 09, 2016, 07:38 AM
Filed Under: Energy Services

In a joint statement, Western Refining, Inc. and Western Refining Logistics, LP announced that WNRL has entered into an agreement with WNR and St. Paul Park Refining Co. LLC (“SPPR”), a wholly-owned subsidiary of Northern Tier Energy LLC and indirect wholly-owned subsidiary of WNR, to acquire certain terminalling, storage and other logistics assets for total consideration of $210 million, comprised of $195 million in cash and $15 million of WNRL common units issued to SPPR. WNRL expects to fund the acquisition with a combination of proceeds from a public equity offering and revolver borrowings. The transaction is expected to close on or about September 15, 2016.

Separately, WNRL announced the successful syndication of a $200 million increase in its revolving credit facility to $500 million. The increase is contingent on the execution of definitive documentation relating to both the increase and the corresponding amendment to the revolving credit facility and customary closing conditions. Wells Fargo Securities, LLC, Suntrust Robinson Humphrey, Inc. and Credit Agricole Corporate and Investment Bank acted as Joint Lead Arrangers.

Western Refining Logistics, LP is principally a fee-based, growth-oriented master limited partnership formed by Western Refining, Inc. to own, operate, develop and acquire terminals, storage tanks, pipelines and other logistics assets related to the terminalling, transportation and storage of crude oil and refined products.

Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. The refining segment operates refineries in El Paso, Texas, Gallup, New Mexico and St. Paul Park, Minnesota. The company’s retail operations includes retail service stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas and Wisconsin, operating primarily through the Giant, Howdy’s and SuperAmerica brands.

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