Western Refining also announced today that it increased its previously announced concurrent offering of convertible senior notes due 2014 to $ 200 million in aggregate principal amount . Western Refining also granted the underwriters an option to purchase an additional $ 30 million in aggregate principal amount of convertible senior notes on the same terms and conditions . The convertible senior notes will pay interest semi-annually at a rate of 5.75 % per year and will mature on June 15 , 2014 unless earlier repurchased or converted . The initial conversion rate for the convertible senior notes will be 92.5926 shares of common stock per $ 1,000 principal amount of convertible senior notes.This is equivalent to an initial conversion price of approximately $ 10.80 per share of common stock , which represents approximately a 20 % premium to the public offering price of the common stock .