OLD GREENWICH, Conn., April 23 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that it has completed its common stock offering of
14,950,000 shares, including shares issued pursuant to the exercise of the
underwriters' over-allotment option, at a public offering price of $34.00 per
share. The company also announced that its wholly-owned subsidiary, The
Premcor Refining Group Inc. ("PRG"), has completed its offering of
$200 million Senior Notes due 2011 at 6 1/8 percent and $200 million Senior
Notes due 2014 at 6 3/4 percent.
Net proceeds from the common stock offering and the PRG senior notes
offering are expected to be used 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.
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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