OLD GREENWICH, Conn., May 1 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) announced today that the underwriters of the company's 18,000,000
share initial public offering have exercised in full their option to purchase
an additional 2,700,000 shares of common stock from the company. The initial
public offering of 20,700,000 shares is expected to close on May 3, 2002.
Additionally, Thomas D. O'Malley, the company's chairman and chief
executive officer, and two directors of the company will purchase an aggregate
of 850,000 shares pursuant to their employment or benefit arrangements
concurrently with the closing of the initial public offering. The company
intends to use the net proceeds of approximately $482 million from the initial
public offering and from the concurrent sales to redeem or repurchase long-
term debt of its subsidiaries.
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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