HOUSTON, Sept. 20 /PRNewswire-FirstCall/ -- Frontier Oil Corporation
(NYSE: FTO) today announced that it has commenced a cash tender offer and
consent solicitation with respect to all of the approximately $170,449,000
outstanding aggregate principal amount of its 11 3/4% Senior Notes due 2009
(the "Notes"). In conjunction with the tender offer, Frontier is soliciting
noteholder consents to effect certain amendments to the indenture governing
the Notes.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010411/FTOLOGO )
Frontier will pay the purchase price for Notes validly tendered and
accepted for purchase, as well as accrued and unpaid interest up to, but not
including, the payment date. The tender offer is scheduled to expire at
12:00, midnight, New York City time on October 18, 2004, unless extended or
earlier terminated. Noteholders who provide consents to the proposed
amendments will receive a consent payment (the "Consent Payment") of $20.00
per $1,000 principal amount of Notes tendered and accepted for purchase
pursuant to the offer if they provide their consents on or prior to 5:00 p.m.,
New York City time, on October 1, 2004, unless such date is extended. The
total consideration to be paid for each validly tendered Note and properly
delivered consent will be $1,065.00, which includes the Consent Payment.
The obligation to accept for purchase and to pay for Notes in the tender
offer is conditioned on, among other things, that:
-- The tender of Notes represents at least a majority of the principal
amount of Notes outstanding on or prior to September 17, 2004, and
-- Frontier has received financing on terms acceptable to it.
Frontier has retained Bear, Stearns & Co. Inc. to serve as the Dealer
Manager and Solicitation Agent for the tender offer and the consent
solicitation. Requests for documents may be directed to Morrow & Co., Inc.,
the Information Agent at 800-607-0088. Questions regarding the tender offer
and consent solicitation may be directed to Bear, Stearns & Co. Inc. at
(877) 696-BEAR or (877) 696-2327.
This announcement is not an offer to purchase, a solicitation of an offer
to purchase or a solicitation of consents with respect to any securities. The
tender offer and consent solicitation are being made solely by the Offers to
Purchase and Consent Solicitation Statement dated September 20, 2004.
Frontier, headquartered in Houston, operates a 110,000 bpd refinery
located in El Dorado, Kansas and a 46,000 bpd refinery located in Cheyenne,
Wyoming.
This press release includes "forward-looking statements" as defined by the
Securities and Exchange Commission. Such statements are those concerning the
contemplated transaction and strategic plans, expectations and objectives for
future events and operations. All statements, other than statements of
historical facts, included in this press release that address activities,
events or developments that Frontier expects, believes or anticipates will or
may occur in the future are forward-looking statements. These statements are
based on certain assumptions made by Frontier based on its experience and
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of Frontier.
Investors are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ materially from
those projected in the forward-looking statements.
SOURCE Frontier Oil Corporation
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Related links:
http://www.frontieroil.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20010411/FTOLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/118801.html
CONTACT:
Doug Aron of Frontier Oil Corporation,
+1-713-688-9600, ext. 145
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