PHILADELPHIA, Sept. 22 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
today announced that it has priced its tender offer for any and all of the
outstanding principal amount of its 9 3/8% Sinking Fund Debentures due 2016,
redeemable in 2006, and Aristech Chemical Corporation, its wholly owned
subsidiary, has priced its tender offer for any and all of its 6 7/8% Notes
due 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
Upon consummation of its offer, Sunoco will pay $1,109.12 for each $1,000
principal amount of the 9 3/8% Sinking Fund Debentures purchased in the offer,
plus accrued but unpaid interest up to, but not including, the settlement
date. The purchase price was determined by reference to a fixed spread of 30
basis points over the bid side yield of the 2 1/2% U.S. Treasury Notes due May
31, 2006 (as quoted on Bloomberg Screen PX4 at 2:00 p.m., New York City time,
today). When Aristech's offer is consummated, it will pay $1,082.76 for each
$1,000 principal amount of 6 7/8% Notes purchased in the offer, plus accrued
but unpaid interest up to, but not including, the settlement date. The
purchase price was determined by reference to a fixed spread of 30 basis
points over the bid side yield of the 3 1/2% U.S. Treasury Notes due November
15, 2006 (as quoted on Bloomberg Screen PX5 at 2:00 p.m., New York City time,
today).
Both offers are scheduled to expire at 5:00 p.m., New York City time,
today, unless extended. The purchase price for securities tendered and
accepted for payment pursuant to the tender offers is payable only to holders
who validly tender their notes before 5:00 p.m., New York City time, on the
applicable expiration date and do not withdraw their tender. Holders who
tender their securities in the offers may withdraw their tender at any time
prior to 5:00 p.m., New York City time, on the applicable expiration date, but
not thereafter, except as may be required by law.
Settlement of each tender offer is expected to occur on the fourth New
York Stock Exchange trading day following the applicable expiration date.
Specific details of the offer are fully described in the Offer to Purchase
and the related Letter of Transmittal, both dated September 15, 2004.
Requests for these documents may be directed to Global Bondholder Services
Corporation by telephone at 866-470-4500 or 212-430-3774 or in writing at 65
Broadway - Suite 74, New York, NY, 10006. Questions regarding the tender
offers may be directed to Citigroup Global Markets Inc. at 800-558-3745,
Credit Suisse First Boston, LLC at 800-820-1653 or 212-538-0652, or J.P.
Morgan Securities Inc. at 866-834-4666.
Each of the tender offers is subject to conditions set forth in the Offer
to Purchase and the related Letter of Transmittal. This news release is not
an offer to purchase or a solicitation of an offer to sell any securities,
which is being made only pursuant to the terms of the Offer to Purchase, dated
September 15, 2004. In any jurisdiction where the laws require the tender
offers to be made by a licensed broker or dealer, the tender offers will be
deemed made on behalf of Sunoco or Aristech by Citigroup Global Markets Inc.,
Credit Suisse First Boston, LLC, and J.P. Morgan Securities Inc. or one or
more registered brokers or dealers under the laws of such jurisdiction.
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer
and marketer of petroleum and petrochemical products. With 890,000 barrels
per day of refining capacity, over 4,800 retail sites selling gasoline and
convenience items, over 4,500 miles of crude oil and refined product owned and
operated pipelines and 37 product terminals, Sunoco is one of the largest
independent refiner-marketers in the United States. Sunoco is a significant
manufacturer of petrochemicals with annual sales of approximately five billion
pounds, largely chemical intermediates used to make fibers, plastics, film and
resins. Utilizing a unique, patented technology, Sunoco also manufactures two
million tons annually of high-quality metallurgical-grade coke for use in the
steel industry. For additional information visit Sunoco's Web site at
http://www.SunocoInc.com.
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Sunoco and Aristech believe that their expectations are
based on reasonable assumptions. No assurance, however, can be given that
their goals will be achieved. A number of factors could cause actual results
to differ materially from the projections, anticipated results or other
expectations expressed in this release. While Sunoco and Aristech make these
forward-looking statements in good faith, neither Sunoco nor Aristech can
guarantee that the anticipated future results will be achieved. Risks and
uncertainties concerning Sunoco's business are more fully described in
Sunoco's Form 10-Q, filed with the Securities and Exchange Commission on
August 4, 2004. Sunoco undertakes no obligation to update any forward-looking
statements in this news release whether as a result of new information or
future events.
SOURCE Sunoco, Inc.
 back to top
Related links:
http://www.SunocoInc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/829144.html
CONTACT:
Jerry Davis (media), +1-215-977-6298 or Terry
Delaney (investors), +1-215-977-6106, both of Sunoco
|
