WARREN, Pa., Sept. 3, 2013 /PRNewswire/ -- United Refining Company (the "Company") today announced that effective August 30, 2013, it completed the partial redemption of $127,750 million in aggregate principal amount of its outstanding 10.500% First Priority Senior Secured Notes due 2018 (the "Notes"). This redemption represents 35% of the initial aggregate principal amount of the Notes.
After the redemption was consummated, the indebtedness of the Company decreased by 35% and the equity of the Company increased by approximately $141,163,750, changing the pro forma debt to equity ratio of the Company from approximately 1.7 to 1.0 to 0.7 to1.0.
This press release is for informational purposes only and does not constitute a notice of redemption under the optional redemption provision of the Indenture governing the Notes, nor does it constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, or an offer to sell securities or a solicitation of an offer to buy securities in any state or jurisdiction where prohibited by law.
Additional information concerning the terms and conditions of the redemption is contained in the notice of redemption distributed to holders of the Notes.
About United Refining Company
United Refining Company operates a 70,000bpd refinery in Warren, Pennsylvania. In addition to its wholesale markets, the Company also operates 358 Kwik Fill® / Red Apple® and Country Fair® retail gasoline and convenience stores located primarily in western New York and western Pennsylvania.
SOURCE United Refining Company