United Refining restructured $200 million eight-year offering talked at 10%-10¼%

By Paul A. Harris

St. Louis, Aug. 2 - United Refining Co. changed its $200 million note offering to an eight-year structure, non-callable for four years, from a 10-year structure, non-callable for five years, a syndicate source told Prospect News on Monday.

Price talk is 10% to 10¼%, with the notes expected to price on Tuesday.

Citigroup, Goldman Sachs & Co. and PNC are the bookrunners for the Rule 144A/Regulation S offering.

Proceeds will be used to redeem $180.1 million of 10¾% senior notes, to fund a $5 million dividend to stockholders and for general corporate purposes.

The issuer is a Warren, Pa., refiner and operator of gas stations and convenience stores.

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