SAN RAMON, Calif., June 8 /PRNewswire-FirstCall/ -- Texaco Capital Inc.
("TCI"), an indirect wholly owned subsidiary of Chevron Corporation
("Chevron") (NYSE: CVX), announced today that it is offering to purchase
for cash any and all of its outstanding debt securities specified in the
table below (the "Securities"). The Securities are guaranteed by Texaco
Inc. ("Texaco"), a wholly owned subsidiary of Chevron.
The offer will commence on June 8, 2007, and will expire at 5:00 p.m.
New York City time on June 21, 2007 (the "Expiration Date"), unless
extended or earlier terminated, in either case, by TCI in its sole
discretion. Holders of Securities wishing to sell must follow the
instructions set forth in TCI's Purchase Offer dated June 8, 2007 (the
"Purchase Offer"). Acceptances of the offer are irrevocable and there are
no withdrawal rights during the term of the offer.
TCI reserves the right to: (a) extend the period of time during which
the offer shall remain open at any time and from time to time, (b) at any
time until the first time any holder accepts the offer, amend the terms of
the offer in any respect, (c) at any time after the first time any holder
accepts the offer, amend the terms of the offer in a manner deemed by TCI
to be advantageous to the holders of Securities and (d) terminate the
offer. Any amendment or modification to the offer will apply only to those
Securities with respect to which the offer has not previously been
accepted.
The applicable purchase price for each $1,000 principal amount of each
Security sold pursuant to the offer will be determined in the manner
described in the Purchase Offer by reference to the fixed spread over the
yield to maturity on the applicable reference security listed below at 2:00
p.m. New York City time on June 19, 2007. The purchase price, plus accrued
and unpaid interest to (but excluding) the date of payment, will be paid to
the Depositary in immediately available funds on the second New York Stock
Exchange trading day after the Expiration Date (the "Settlement Date"). If
the Purchase Offer is not extended, the Settlement Date will be June 25,
2007.
CUSIP Security Principal Reference Fixed
Amount Security Spread
Outstanding
($million)
881685AP6 8.625% Debentures $149.825 3.625% U.S. 0.15%
due 2010 Treasury Note
due 6/15/10
881685BD2 7.5% Debentures $200.00 3.875% U.S. 0.25%
due 2043* Treasury Note
due 2/15/13
88168LCB0 7.95% Medium-Term $25.00 4.625% U.S. 0.35%
Notes, Series 1991 Treasury Note
due 2017 due 2/15/17
881685AN1 9.75% Debentures $250.00 8.5% U.S. 0.35%
due 2020 Treasury Note
due 2/15/20
88168LAG1 8.875% Medium-Term $20.00 7.875% U.S. 0.35%
Notes, Initial Treasury Note
Series due 2/15/21
due 2021
881685AV3 8.875% Debentures $150.00 8.125% U.S. 0.35%
due 2021 Treasury Note
due 8/15/21
88168LDC7 8.75% Medium-Term $25.00 7.25% U.S. 0.35%
Notes, A Series Treasury Note
1992 due 8/15/22
due 2022
88168LDD5 8.75% Medium-Term $25.00 7.25% U.S. 0.35%
Notes, B Series Treasury Note
1992 due 8/15/22
due 2022
88168LCT1 7.9% Medium-Term $25.00 7.125% U.S. 0.35%
Notes, Series 1992 Treasury Note
due 2023 due 2/15/23
88168LCX2 7.43% Medium-Term $5.00 7.125% U.S. 0.35%
Notes, Series 1992 Treasury Note
due 2023 due 2/15/23
881685AX9 8.625% Debentures $200.00 5.375% U.S. 0.50%
due 2031 Treasury Note
due 2/15/31
881685AY7 8.625% Debentures $200.00 5.375% U.S. 0.50%
due 2032 Treasury Note
due 2/15/31
881685BB6 8.0% Debentures $150.00 5.375% U.S. 0.50%
due 2032 Treasury Note
due 2/15/31
88168LCV6 7.84% Medium-Term $42.00 5.375% U.S. 0.50%
Notes, Series 1992 Treasury Note
due 2033 due 2/15/31
88168LCW4 7.91% Medium-Term $5.00 4.75% U.S. 0.50%
Notes, Series 1992 Treasury Note
due 2043 due 2/15/37
*Initially redeemable at the option of TCI on March 1, 2013
The offer is made upon the terms and subject to the conditions set
forth in the Purchase Offer. Copies of the Purchase Offer can be obtained
from D.F. King & Co., Inc., the Information Agent, toll free at (800)
431-9642.
The Bank of New York is serving as Depositary for the offer.
Citigroup Global Markets Inc. ("Citi") and Lehman Brothers Inc.
("Lehman") are serving as the Dealer Managers for the offer. Questions
concerning the terms of the offer may be directed to Citi toll-free at
(800) 558-3745 or Lehman toll-free at (800) 438-3242 or collect at (212)
528-7581.
This news release is neither an offer to purchase nor a solicitation of
an offer to sell Securities. The offer is made solely by TCI's Purchase
Offer dated June 8, 2007. The offer is not being made to holders in any
jurisdiction in which the making or acceptance thereof would not be in
compliance with the securities, blue sky or other laws of such
jurisdiction. In any jurisdiction in which the offer is required to be made
by a licensed broker or dealer, it shall be deemed to be made on behalf of
TCI by the Dealer Managers.
None of TCI, Texaco, Chevron, the Dealer Managers, the Depositary or
the Information Agent makes any recommendation as to whether or not holders
should sell Securities pursuant to the Purchase Offer, and no one has been
authorized by any of them to make such a recommendation. Holders must make
their own decision as to whether to sell Securities, and if so, the
principal amount of Securities to sell.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com/
CONTACT:
Don Campbell of Chevron, +1-925-842-2589
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