Western Refining $550 million term loan B expected November business

By Sara Rosenberg

New York, Nov. 12 - Western Refining Inc. is anticipated to hold a bank meeting this month for a new $550 million senior secured term loan B, according to a market source.

Bank of America Merrill Lynch and UBS Securities LLC are the joint lead arrangers on the loan.

Proceeds are being used to fund the acquisition of ACON Investments' and TPG's ownership interests in Northern Tier Energy LP for $775 million.

Other funds for the transaction came from $245 million in cash on hand.

As a result of the acquisition, Western Refining owns Northern Tier Energy's general partner and 35,622,500 limited partner units, or about 38.7% of Northern Tier Energy.

The transaction was signed and closed on Tuesday.

Western Refining is an El Paso, Texas-based refining and marketing company. Northern Tier Energy is a Ridgefield, Conn.-based downstream energy company.

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