Gary-Williams Energy Corp. 'B+' Rating Withdrawn After Acquisition By Coffeyville Jan 12

Standard & Poors, January 2012

Abstract
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.
Action: Withdrawn

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Gary-Williams Energy Corp.

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