OLD GREENWICH, Conn., April 18 /PRNewswire/ -- Premcor Inc. announced
today that it has filed with the Securities and Exchange Commission an
amendment to its previously filed registration statement relating to the
initial public offering of 15,000,000 shares of its common stock, setting the
estimated price range at $22 to $24 per share. All of the shares are primary
shares being offered by the company. When issued, the common stock is
expected to trade on the New York Stock Exchange under the symbol "PCO".
The offering is being lead-managed by Morgan Stanley as sole bookrunner.
Credit Suisse First Boston is the co-lead manager, and Goldman, Sachs & Co.,
Salomon Smith Barney, Deutsche Bank Securities and Bear, Stearns & Co. Inc.
are co-managers of the offering. The underwriters have been granted an option
by the company to purchase up to an additional 2,250,000 shares of common
stock to cover over-allotments, if any.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet been declared
effective. These securities 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 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. A copy of the preliminary prospectus related to the offering
can be obtained from Morgan Stanley at 1585 Broadway, New York, NY 10036,
(212) 761-6775.
Premcor Inc., through its principal operating subsidiaries, The Premcor
Refining Group Inc. and the Port Arthur Coker Company L.P., is one of the
largest independent petroleum refiners and marketers of unbranded
transportation fuels, heating oil, petrochemical feedstocks, petroleum coke
and other petroleum products in the United States. The company has an
aggregate 490,000 barrels per day (bpd) of crude distillation capacity at its
three refineries located in Port Arthur, Texas (250,000 bpd), Lima, Ohio
(170,000 bpd) and Hartford, Illinois (70,000 bpd). The company has announced
it will discontinue refining operations at the Hartford, Illinois refinery in
October 2002.
SOURCE Premcor Inc.
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Related links:
http://www.premcorinc.com
CONTACT:
Karen Davis, +1-314-854-1424, or Joe Watson,
+1-314-854-9889, both of Premcor Inc.
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