Energy
Western Refining Raising $300 Million Cash (WNR)
Published:
Last Updated:
Western Refining, Inc. (NYSE: WNR) has announced its intent to sell 14 million shares of common stock. This would bring in gross proceeds of nearly $196 million at current prices. The company also plans to sell approximately $100 million in convertible senior notes due in 2014.
Merrill Lynch ( Banc of America) and Goldman Sachs are joint book-runners for each offering. The company also plans to issue 2.1 million shares in an overallotment option to the underwriters for the common stock and plans to issue an overallotment of $15 million in the convertible notes.
Western noted that the proceeds will be used to repay debt under its term loan credit agreement.
Western Refining Inc. was halted at $14.16 and for a size comparison it has a market cap of nearly $950 million.
Jon C. Ogg
June 1, 2009
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
