FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Western Refining Announces Syndication of $500 Million Term Loan B-2

May 31, 2016, 08:00 AM
Filed Under: Energy Services

Western Refining, Inc. announced the successful syndication of a $500 million Term Loan B-2.  The term loan, which has a seven-year maturity and is priced at LIBOR (subject to a 1% floor) plus 4.5%, will be used to fund a portion of the purchase price for the previously announced acquisition of the remaining publicly-traded units of Northern Tier Energy LP (NYSE:NTI).  The closing of the offering, which was oversubscribed and placed with a diverse group of institutional investors, is contingent upon the successful closing of the NTI acquisition, the execution of definitive documentation and customary closing conditions.  Western also successfully amended its revolving credit facility and Term Loan B-1 in relation to the NTI acquisition and related financings.  A special meeting of common unitholders of NTI will be held June 23, 2016, to approve the proposed acquisition, and the transaction is expected to close shortly thereafter.

Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. The refining segment operates refineries in El Paso, and Gallup, New Mexico. The retail segment includes retail service stations, convenience stores, and unmanned fleet fueling locations in Arizona, Colorado, New Mexico, and Texas.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.