OLD GREENWICH, Conn., Sept. 15 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that 10 million shares of Premcor common stock are
being sold by affiliates of The Blackstone Group L.P. ("Blackstone") for gross
proceeds of approximately $365 million. All of the shares of common stock
being sold are currently owned by Blackstone. After the sale of the
10 million shares, Blackstone will own approximately 19.1 million shares or
approximately 21% of the outstanding shares of Premcor common stock.
All of the shares are being sold under the resale registration statement
filed with the Securities and Exchange Commission in July 2004. The offering
is expected to settle on September 20, 2004.
Premcor will not receive any proceeds from the sale of the shares of
common stock. The sale of the common stock was in response to a request from
Blackstone pursuant to an existing registration rights agreement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these shares
in any state in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any state.
UBS Investment Bank acted as a sole book-running manager for the common
stock offering. The offering of the common stock is being made by means of a
prospectus supplement which will be filed with the Securities and Exchange
Commission, a copy of which can be obtained from the offices of UBS Investment
Bank, 299 Park Avenue, 25th Floor, New York, NY 10171.
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
SOURCE Premcor Inc.
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Related links:
http://www.premcor.com
CONTACT:
Media-Investors, Karyn Ovelmen of Premcor
Inc., +1-203-698-5669
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