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TheStreet Open House

Western Refining Provides Update On Corporate Finance Activities

Stocks in this article: WNR

  • Announces $200 Million Share Repurchase Program
  • Declares Second Quarter Dividend of $0.12/share
  • Provides Final Results of Tender Offer

EL PASO, Texas, April 8, 2013 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today announced that its Board of Directors has authorized a $200 million share repurchase program. This program is in addition to the $200 million share repurchase program approved by the Board of Directors in July 2012. Under the July 2012 program, the Company has completed the repurchase of approximately 6.77 million shares of its common stock at a cost of approximately $199.5 million through April 5, 2013. Share repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. The share repurchase programs may be discontinued at any time by the Board of Directors.

Additionally, the Company's Board of Directors approved a cash dividend of $0.12 per share for the second quarter of 2013. The dividend will be paid on May 8, 2013, to shareholders of record at the close of market on April 23, 2013.

Jeff Stevens, Western's President and Chief Executive Officer, commented, "The approvals of the second quarter 2013 dividend and the share repurchase program demonstrate our Board's commitment to delivering value to our shareholders. Both actions reflect the continued confidence the Board has in Western's ability to generate cash from operations in excess of the capital needed to invest in the future growth of our Company."

Western also announced the expiration and final results of its tender offer (the "Tender Offer") to purchase any or all of its outstanding $325,000,000 aggregate principal amount 11.25% Senior Secured Notes due 2017 ("2017 Notes"). The Company had previously accepted for purchase $148,833,000 principal amount of the 2017 Notes, which had been validly tendered and not validly withdrawn as of 5:00 p.m. (New York City time) on March 22, 2013. Payment for all 2017 Notes accepted for purchase thereby was made on March 25, 2013. As of the final expiration of the Tender Offer at 11:59 p.m., (New York City time) on April 5, 2013, an additional $2,500,000 of 2017 Notes were validly tendered and not validly withdrawn, resulting in a total amount of $151,333,000 of 2017 Notes that were validly tendered and not validly withdrawn. Payment for all the remaining tendered 2017 Notes accepted for purchase was made on April 8, 2013. Western intends to retire the remaining, untendered 2017 Notes on April 24, 2013, through a call for redemption, and has provided notice of such call to the holders of the 2017 Notes.

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