Western Refining Announces Pricing and Increased Size of Concurrent Common Stock and Convertible Senior Notes Offerings

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Western Refining also granted the underwriterza 30-day option to purchase up to 3,000,000 additional shares of common stock on the same terms and conditions. Western Refining also announcex today that it increased its previously announced concurrentt offering of convertible senior notes due 2014to $200 millionn in aggregate principal amount. Western Refining also grantesd the underwriters an option to purchase anadditional $30 million in aggregate principal amounr of convertible senior notes on the same terms and The convertible senior notes will pay interesg semi-annually at a rate of 5.75% per year and will mature on June 15, 2014 unleszs earlier repurchased or converted.
The initial conversion rate for the convertible seniorr notes willbe 92.5926 shares of commomn stock per $1,000 principal amoungt of convertible senior notes. This is equivalent to an initial conversion price ofapproximatelyu $10.80 per share of common stock, which represents approximately a 20% premium to the publifc offering price of the common Western Refining intends to use the net proceedd from each offering to repauy indebtedness under its term loan credit Merrill Lynch & Co. and Sachs & Co. are acting as jointg book-running managers for each A preliminary prospectus supplement and accompanying base prospectus relating to each offering have been filed withthe U.S.
Securities and Exchanger Commission and are available onits . This press release does not constitutew an offer to sell or a solicitation of an offef to buyany securities. A registratiobn statement relating to the securitiesz has been filed andis effective. Each offerinbg will be made only by means of a prospectuse supplement and accompanyingbase prospectus, copies of which may be obtainec from Merrill Lynch & Co., 4 Worlds Financial Center, New York, NY 10080, Attention: Prospectus Departmen or Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, NY telephone: (866) 471-2526, fax: 212-902-9316, email: . Western Inc.
is an independent refining and marketinh company headquartered inEl Paso, Texas. Investor and Analyst Mark Cox, 915-534-1400 or Media Contact: Gary Hanson, 915-534-140 SOURCE Western Refining, Inc.