OLD GREENWICH, Conn., Jan. 13 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that it has filed an amendment to its registration
statement pursuant to the Securities Act of 1933 relating to its proposed sale
of 11,500,000 shares of its common stock which, at the January 9, 2003 closing
price on the New York Stock Exchange of $21.85, would amount to approximately
$251 million in gross proceeds to Premcor.
Premcor intends to use the net proceeds from the sale of these shares to
finance, in part, the recently announced acquisition of the Williams Memphis
refinery and related supply and distribution assets located in and around
Memphis, Tennessee from The Williams Companies. In connection with the
offering, Premcor has granted the underwriters an option for a period of
30 days to purchase up to an additional 1,725,000 shares of common stock to
cover over-allotments.
A registration statement relating to these shares has been filed with the
Securities and Exchange Commission, but has not yet become effective. These
shares may not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these shares in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any state.
Morgan Stanley & Co. Incorporated will be the sole book-running lead
manager for the offering. A copy of the preliminary prospectus for the
offering may be obtained from the offices of Morgan Stanley, 1585 Broadway,
New York, NY 10036.
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including the
company's current expectations with respect to future market conditions,
future operating results, the future performance of its refinery operations,
and future acquisitions and related financing transactions. Words such as
"expects," "intends," "plans," "projects," "believes," "estimates," "may,"
"will," "should," "shall," and similar expressions typically identify such
forward-looking statements. Even though Premcor believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from expectations
include, but are not limited to, operational difficulties, varying market
conditions, potential changes in gasoline, crude oil, distillate, and other
commodity prices, government regulations, and other factors contained from
time to time in the reports filed with the Securities and Exchange Commission
by the company and its subsidiaries, Premcor USA Inc. and The Premcor Refining
Group Inc., including the company's Form S-1 and the company's and its
subsidiaries' quarterly reports on Form 10-Q, reports on Form 8-K, and annual
reports on Form 10-K.
SOURCE Premcor Inc.
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Related links:
http://www.premcorinc.com
CONTACT:
Media and Investors - Joe Watson,
+1-203-698-7510, or Investors - Karen Davis, +1-314-854-1424, or
Michael Taylor, +1-314-719-2304, all of Premcor Inc.
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