OLD GREENWICH, Conn., April 30 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) announced today that it increased the size of its initial public
offering from 15,000,000 shares to 18,000,000 shares of common stock and
priced the offering at $24.00 per share. All of the shares constituting the
offering are being sold by Premcor Inc. The company intends to use the net
proceeds from this offering to redeem or repurchase long-term debt of its
subsidiaries. The common stock will begin trading today 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. Premcor Inc. has also granted the
underwriters an over-allotment option to purchase an additional 2,700,000
shares (increased from 2,250,000) at the public offering price.
The public offering is being made by means of a prospectus, a copy of
which can be obtained from Morgan Stanley at 1585 Broadway, New York, NY
10036, (212) 761-6775. 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.
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:
Joe Watson, +1-314-854-9889, or Karen Davis,
+1-314-854-1424, both of Premcor Inc.
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