This Day On The Street
Continue to site
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

Western Refining Provides Update On Corporate Finance Activities

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accepted for purchase $148,833,000 principal amount of the 2017 Notes, which had been validly tendered and not validly withdrawn as of 5:00 p.m. (New York City time) on March 22, 2013.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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs