Western Refining (WNR) Amends Credit Facilities; Agrees to Not Pay Dividends Through '09
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Western Refining, Inc. (NYSE: WNR) today announced that it has amended its credit facilities to eliminate all financial covenants for the fiscal quarter ended June 30, 2008. Financial covenants will be reinstated for future fiscal quarters effective September 30, 2008, at renegotiated levels. The amounts available under the existing facilities were unchanged by the amendments. As part of the amendments, the Company has agreed to not pay cash dividends on its common stock through 2009.
Western also announced that it has obtained a new $75 million credit facility, which is in addition to the $800 million revolver that is currently in place.
Western Refining, Inc., through its subsidiaries, operates as an independent crude oil refiner and marketer of refined products.
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