Western Refining, Inc. (NYSE: WNR - News) today announced that it intends to offer, subject to market and other conditions, 14,000,000 shares of its common stock, par value $0.01 per share. Western Refining intends to grant the underwriters a 30-day option to purchase up to 2,100,000 additional shares of common stock.
Concurrently with the common stock offering, Western Refining also intends to offer, subject to market and other conditions, approximately $100 million in aggregate principal amount of convertible senior notes due 2014. Western Refining also intends to grant the underwriters an option to purchase an additional $15 million in aggregate principal amount of convertible notes.
Western Refining intends to use the net proceeds from each offering to repay indebtedness under its term loan credit agreement.
Merrill Lynch & Co. and Goldman, Sachs & Co. are acting as joint book-running managers for each offering.
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