This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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accepted for purchase $148,833,000 principal amount of the 2017 Notes, which had been validly tendered and not validly withdrawn as of 5:00 p.m. (New York City time) on March 22, 2013.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.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,686.25 +329.38 1.90%
S&P 500 2,050.44 +37.55 1.87%
NASDAQ 4,730.3260 +86.0140 1.85%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs