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Gary-Williams Energy Corp. 'B+' Rating Withdrawn After Acquisition By Coffeyville Jan 12
Standard & Poors, January 2012
NEW YORK (Standard & Poor's) Jan. 5, 2012--Standard & Poor's Ratings Services said today it withdrew its 'B+' corporate credit rating on refiner Gary-Williams Energy Corp. at the company's request. The company was acquired by Coffeyville Resources LLC (Coffeyville) on Dec. 15, 2011, and Coffeyville subsequently paid off all of Gary-Williams' debt. The rating action follows the completion of Coffeyville Resources LLC's (Coffeyville's) acquisition of Gary-Williams. In conjunction with the transaction, CVR has paid off Gary-Williams term loan, which was about $50 million on Sept. 30, 2011. We affirmed the ratings on Coffeyville on Dec. 9, 2011. Coffeyville financed the acquisition of Gary-Williams with proceeds from its $200 million offering of additional first-lien senior secured term notes and cash from...
Companies mentioned in this report are: Gary-Williams Energy Corp.
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Gary-Williams Energy Corp.