OLD GREENWICH, Conn., May 9 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) announced today that its subsidiary, The Premcor Refining Group
Inc., called for redemption on May 3, 2002, its 9 1/2% Senior Notes, due in
2004. The notes will be redeemed at par on June 3, 2002. Another subsidiary,
Premcor USA Inc., gave notice on May 8, 2002 that it is calling for redemption
its 10 7/8% Senior Notes, due in 2005. The notes will be redeemed on June 7,
2002 and will include a call premium of 3.625%. The company will use
approximately $300 million of the proceeds from its initial public offering,
which closed on May 3, 2002, to redeem the notes.
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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