OLD GREENWICH, Conn., April 20 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that it has priced its common stock offering of
13,000,000 shares at a public offering price of $34.00 per share. In
connection with the offering, Premcor has granted the underwriters an option
for a period of 30 days to purchase up to an additional 1,950,000 shares of
common stock to cover over-allotments. The company also announced that its
wholly-owned subsidiary, The Premcor Refining Group Inc. ("PRG"), has priced
$200 million Senior Notes due 2011 at 6 1/8 percent and $200 million Senior
Notes due 2014 at 6 3/4 percent.
All shares and senior notes constituting these offerings are being sold
under their existing shelf registration statement filed with the Securities
and Exchange Commission in January 2004. These offerings are expected to
close on April 23, 2004.
Premcor expects to receive estimated net proceeds of approximately $820
million from the common stock offering and from the PRG senior notes offering
and intends to use the net proceeds to finance, in part, 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 acted
as joint book-running managers for the common stock offering. The public
offering of the common stock is being made by means of a prospectus supplement
which will be filed with the Securities and Exchange Commission, a copy of
which can be obtained from the offices of Morgan Stanley & Co. Incorporated,
Prospectus Department, 1585 Broadway, New York, NY 10036, or Credit Suisse
First Boston LLC, Eleven Madison Avenue, New York, NY 10010.
Credit Suisse First Boston LLC, Morgan Stanley & Co. Incorporated and
Citigroup Global Markets Inc. acted as joint book-running managers for the
senior notes offering. The public offering of the senior notes is being made
by means of a prospectus supplement which will be filed with the Securities
and Exchange Commission, a copy of which can be obtained from the offices of
Credit Suisse First Boston LLC, Eleven Madison Avenue, New York, NY 10010, or
Morgan Stanley & Co. Incorporated, Prospectus Department, 1585 Broadway, New
York, NY 10036, or Citigroup Inc., 388 Greenwich Street, New York, NY 10013.
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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