Exhibit 99.1
[GIANT INDUSTRIES, INC. LOGO] [GI LISTED
NYSE LOGO]
NEWS
RELEASE Contact: Mark B. Cox
Vice President, Treasurer,
& Chief Financial Officer
Giant Industries, Inc.
(480) 585-8888
FOR IMMEDIATE RELEASE
APRIL 26, 2002
GIANT INDUSTRIES ANNOUNCES NEW FINANCING
SCOTTSDALE, Ariz.-April 26, 2002 -- Giant Industries, Inc. (NYSE: GI) announced
today that it intends to offer $200 million of Senior Subordinated Notes due
2012 in a private placement (the "Notes"). The net proceeds of this offering,
together with cash on hand and borrowings under other financing arrangements
will be used to fund the Company's acquisition of the Yorktown, Virginia
refinery and associated inventory from BP, to redeem all $100 million principal
amount of its 9 3/4% senior subordinated notes due 2003, and to pay related
transaction fees and expenses.
The Notes being sold by the Company will not be registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. The Notes are being offered only to qualified institutional buyers
under Rule 144A and outside the United States in compliance with Regulation S
under the Securities Act. This press release does not constitute an offer to
sell, or the solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in which such
offering would be unlawful.
Giant Industries, Inc., headquartered in Scottsdale, Arizona, is a refiner and
marketer of petroleum products. Giant owns and operates two New Mexico crude oil
refineries, a crude oil gathering pipeline system based in Farmington, New
Mexico, which services the refineries, finished products distribution terminals
in Albuquerque, New Mexico and Flagstaff, Arizona, a fleet of crude oil and
finished product truck transports, and a chain of 149 retail service stations
with convenience stores or kiosks in New Mexico, Arizona and Colorado. Giant is
also the parent company of Phoenix Fuel Co., Inc., which Giant believes is the
largest wholesale petroleum products distributor in Arizona.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: This press release contains forward-looking statements that involve known
and unknown risks and uncertainties. Forward-looking statements are identified
by words or phrases such as "believes," "expects,"
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"anticipates," "estimates," "should," "could," "plans," "intends," "will,"
variations of such words and other similar expressions. While these
forward-looking statements are made in good faith and reflect the Company's
current judgement regarding such matters, actual results could vary materially
from the forward-looking statements. Important factors that could cause actual
results to differ from forward-looking statements include, but are not limited
to: the ability to negotiate definitive agreements with respect to the credit
facility, lease facility and the Notes and to close those financing
transactions; the Company's ability to close the acquisition of the Yorktown
refinery; and other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission. All subsequent written and oral
forward-looking statements attributable to the Company, or persons acting on
behalf of the Company, are expressly qualified in their entirety by the
foregoing. Forward-looking statements made by the Company represent its
judgement on the dates such statements are made. The Company assumes no
obligation to update any forward-looking statements to reflect new or changed
events or circumstances.
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