Alon Krotz Springs gets tenders for $159.98 million of 13½% notes

By Marisa Wong

Madison, Wis., April 3 - Alon Refining Krotz Springs, Inc. received tenders with consents from holders of $159,983,000 of its $216.5 million of 13½% senior secured notes due 2014 as of 5 p.m. ET on March 28, the consent deadline of the previously announced tender offer and consent solicitation.

The tendered amount represents 73.9% of the outstanding principal amount of the notes, according to an announcement by parent company Alon USA Energy, Inc.

The tender offer began on March 16 and will end at midnight ET on April 11.

As previously noted, Alon Krotz Springs will pay a total purchase price of $1,080, including a $30.00 premium, for each $1,000 principal amount of notes tendered by the consent deadline.

Holders who tender their notes after the consent date will receive only the base payment of $1,110 per $1,000 of notes.

The company will also pay accrued interest.

As reported before, the tender offer and consent solicitation are conditioned on a new financing of up to $700 million and the receipt of consents from holders of a majority of the outstanding notes.

Goldman, Sachs & Co. (800 828-3182 or collect at 212 357-4692) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-3800 or for banks and brokers 212 430-3774) is the information agent and depositary.

Alon Refining Krotz Springs is a refinery based in Krotz Springs, La. The parent company is based in Dallas.

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