Western Refining, Inc. (NYSE: WNR) has announced its intent to sell 14 million shares of common stock.  This would bring in gross proceeds of nearly $196 million at current prices.  The company also plans to sell approximately $100 million in convertible senior notes due in 2014.

Merrill Lynch ( Banc of America) and Goldman Sachs are joint book-runners for each offering.  The company also plans to issue 2.1 million shares in an overallotment option to the underwriters for the common stock and plans to issue an overallotment of $15 million in the convertible notes.

Western noted that the proceeds will be used to repay debt under its term loan credit agreement.

Western Refining Inc. was halted at $14.16 and for a size comparison it has a market cap of nearly $950 million.

Jon C. Ogg
June 1, 2009