OLD GREENWICH, Conn., April 14 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that its wholly-owned subsidiary, The Premcor
Refining Group Inc. ("PRG"), has completed its $1.0 billion Senior Secured
Revolving Credit Facility (the "facility") maturing in April 2009. The new
facility replaces PRG's existing $785 million credit facility, extends the
maturity date of the facility, reduces the cost of issuing letters of credit,
contains less restrictive covenants and expands the cash borrowing ability of
the company. Proceeds from the facility will be used primarily to provide
letters of credit in support of crude oil and feedstock purchases for the
company's refinery operations, and to provide for other working capital needs.
Citigroup Global Markets Inc. acted as the sole lead arranger and book
running manager for the new facility. Fleet National Bank acted as
syndication agent, and Bank One, NA and SunTrust were co-documentation agents.
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, Investors, Michelle Kilic, +1-203-698-5921, both
of Premcor Inc.
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