New Issue: Western Refining prices $350 million 6¼% eight-year notes at par

By Paul A. Harris

Portland, Ore., March 12 - Western Refining, Inc. priced a $350 million issue of eight-year senior notes (Ba2/BB-/) at par to yield 6¼% on Tuesday, according to a company press release.

The yield printed on top of yield talk, according to a market source.

Deutsche Bank Securities Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and RBS Investment Bank were the joint bookrunners.

The El Paso, Texas-based independent refiner plans to use the proceeds to fund the tender offer for its 11¼% notes due 2017 and for general corporate purposes.

Issuer:	Western Refining, Inc.
Amount:	$350 million
Maturity:	April 1, 2021
Securities:	Senior notes
Bookrunners:	Deutsche Bank Securities Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., RBS Investment Bank
Coupon:	6¼%
Price:	Par
Yield:	6¼%
Call protection:	Four years
Trade date:	March 12
Settlement date:	March 25
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
Distribution:	Rule 144A with registration rights
Price talk:	6¼% area
Marketing:	Quick to market

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