OLD GREENWICH, Conn., Jan. 23 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) announced today that it has priced its common stock offering of
12,500,000 shares at a public offering price of $20.00 per share. All of the
shares constituting the offering are being sold by Premcor Inc. The common
stock is expected to be delivered on Wednesday, January 29, 2003, subject to
customary closing conditions.
Premcor expects to receive estimated net proceeds of $239.0 million from
the offering and intends to use the net proceeds 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.
The offering is being lead-managed by Morgan Stanley as sole bookrunner.
In connection with the offering, Premcor has granted the underwriters an
option for a period of 30 days to purchase up to an additional 1,875,000
shares of common stock to cover over-allotments.
The public offering is being made by means of a prospectus, a copy of
which can be obtained from Morgan Stanley at 1585 Broadway, New York, NY
10036. This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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 debt reductions. 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.premcor.com
CONTACT:
Media and Investors, Joe Watson,
+1-203-698-7510, Investors, Karen Davis, +1-314-854-1424, or
Investors, Michael Taylor, +1-314-719-2304, all for Premcor Inc.
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