Western Refining Prices Senior Notes Offering

EL PASO, Texas (AP) — Western Refining Inc. on Monday said it priced its senior secured notes offering in two tranches, with the first consisting of $325 million in fixed-rate notes due 2017 and the second consisting of $275 million floating-rate notes due 2014.

The independent refiner said the fixed rate notes were sold at 91.445 percent of their face value and will pay interest semiannually at a rate of 11.25 percent per year.

The floating-rate notes were sold at 92 percent of their face value and will pay interest quarterly at a rate of 3-month LIBOR — subject to a LIBOR floor of 3.25 percent — plus 7.5 percent per year.

The company said it plans to use net proceeds from the offering to pay off debt.

Shares of Western Refining fell 8 cents to $8.45 in premarket trading.