OLD GREENWICH, Conn., April 7 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) and its wholly-owned subsidiary, The Premcor Refining Group Inc.
("PRG") today announced that they are commencing offerings of common stock and
senior notes under their existing shelf registration statement filed with the
Securities and Exchange Commission in January 2004.
Premcor intends to offer 13,000,000 shares of its common stock. At the
April 6, 2004 closing price on the New York Stock Exchange of $30.99, the
common stock offering would amount to approximately $388 million in net
proceeds to Premcor. In connection with the offering, Premcor intends to
grant the underwriters an option for a period of 30 days to purchase up to an
additional 1,950,000 shares of common stock to cover over-allotments. PRG
intends to offer $400 million in aggregate principal amount of senior notes.
Premcor intends to use the net proceeds from the sale of these shares and
the debt issuance to finance the recently announced acquisition of the
Delaware City refining complex located in Delaware City, Delaware from Motiva
Enterprises LLC and for general corporate purposes.
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 and Credit Suisse First Boston LLC will
act as joint book-running managers for the common stock offering. A copy of
the preliminary prospectus supplement for the offering may be obtained from
the offices of Morgan Stanley & Co., Prospectus Department, 1585 Broadway, New
York, NY 10036.
Credit Suisse First Boston LLC, Morgan Stanley & Co. Incorporated and
Citigroup Global Markets Inc. will act as joint book-running managers for the
senior notes offering. A copy of the preliminary prospectus supplement for
the offering may be obtained from the offices of Credit Suisse First Boston,
Eleven Madison Avenue, New York, NY 10010.
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 other plans. 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
subsidiary, The Premcor Refining Group Inc., including quarterly reports on
Form 10-Q, current 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-Investors, Karyn Ovelmen,
+1-203-698-5669, or Investors, Michelle Kilic, +1-203-698-5921,
both of Premcor Inc.
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