Western Refining plans to retire Giant's 8%, 11% notes

By Jennifer Chiou

New York, Jan. 30 - Western Refining, Inc. announced it intends to retire Giant Industries' 8% and 11% senior subordinated notes following the completion of the previously announced merger with Giant.

The company said that Giant currently has $130 million of 11% senior subordinated notes due 2012 and $150 million of 8% senior subordinated notes due 2014.

Under the terms of the merger, Western can request that Giant initiate a tender offer for the notes.

Instead, Western intends to call the 8% notes for redemption at the make-whole premium provided for in the indenture within 30 days of the merger.

Western added that it will offer to repurchase the 11% notes linked to the change-of-control provision in the indenture. The remainder of the notes will be purchased on May 15.

Western is an El Paso, Texas, independent refiner and marketer. Giant is a Scottsdale, Ariz., refiner and seller of petroleum products.

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