EL PASO, Texas -- Western Refining Inc. said 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 Sept. 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 [image-nocss] million revolver that is currently in place.
"We are pleased to have completed these amendments and the new credit facility, which provide our company with additional financial flexibility. The continued support of our lenders demonstrates their confidence in Western and our ability to successfully manage through the current refining environment. We appreciate their support and will continue to take the appropriate steps to further enhance our capital structure," said Paul Foster, Western's president and CEO.
The amendments and details of the new credit facility will be more fully described in a current report on Form 8-K that the company will file with the Securities & Exchange Commission (SEC).
Western Refining is an independent refining and marketing company headquartered in El Paso, Texas. Western has a refinery in El Paso, two refineries in the Four Corners region of northern New Mexico and a refinery in Yorktown, Va. Western's asset portfolio also includes refined products terminals in Albuquerque, New Mexico and Flagstaff, Arizona, asphalt terminals in Phoenix, Tucson, Albuquerque and El Paso, retail stations and convenience stores in Arizona, Colorado and New Mexico, a fleet of crude oil and finished product truck transports, and wholesale petroleum products operations in Arizona, California, Colorado, Nevada, New Mexico, Texas and Utah.
Separately, Corpus Christi, Texas-based Susser Holdings Corp. said that is has been added to the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and represents approximately 10% of the total market capitalization of that index. The Russell 2000 includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The 21 U.S. equity indexes developed by Frank Russell Co. are rebalanced annually based on total market capitalization. New membership lists are posted on the first trading day following the final Friday of June each year.
Susser is a third-generation, family-led business that operates more than 505 c-stores in Texas, New Mexico and Oklahoma under the Stripes and Town & Country banners. Restaurant service is available in 285 of its stores, primarily under the proprietary Laredo Taco Co. and Country Cookin' brands. The Company also supplies branded motor fuel to more than 380 independent dealers through its wholesale fuel division.
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