Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Western Refining, Inc. > News item |
Western Refining $550 million term loan B expected November business
By Sara Rosenberg
New York, Nov. 12 - Western Refining Inc. is anticipated to hold a bank meeting this month for a new $550 million senior secured term loan B, according to a market source.
Bank of America Merrill Lynch and UBS Securities LLC are the joint lead arrangers on the loan.
Proceeds are being used to fund the acquisition of ACON Investments' and TPG's ownership interests in Northern Tier Energy LP for $775 million.
Other funds for the transaction came from $245 million in cash on hand.
As a result of the acquisition, Western Refining owns Northern Tier Energy's general partner and 35,622,500 limited partner units, or about 38.7% of Northern Tier Energy.
The transaction was signed and closed on Tuesday.
Western Refining is an El Paso, Texas-based refining and marketing company. Northern Tier Energy is a Ridgefield, Conn.-based downstream energy company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.