Western Refining to sell $100 million five-year convertibles to yield 5.5%-6%, up 17.5%-22.5%

By Rebecca Melvin

New York, June 1 - Western Refining Inc. plans to price about $100 million of five-year convertible notes after the market close on Thursday to yield 5.5% to 6% with an initial conversion premium of 17.5% to 22.5%, according to a syndicate source.

Western Refining also plans to price 14 million shares of common stock.

Merrill Lynch & Co. and Goldman, Sachs & Co. are acting as joint bookrunners for both registered offerings.

There is a $15 million greenshoe on the convertible notes.

Proceeds from the offerings will be used to repay debt under the company's term loan.

El Paso, Texas-based Western is an independent refining and marketing company.

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