HOUSTON, Oct. 4 /PRNewswire-FirstCall/ -- Frontier Oil Corporation
(NYSE: FTO) today announced that $65.5 million of its $170.5 million 11 3/4%
Senior Notes due 2009 ("11 3/4% Notes") have been tendered for early
repurchase under the Company's outstanding tender offer. The Company has
waived the minimum tender and supplemental indenture conditions to the
outstanding tender offer and consent solicitation for the 11 3/4% Notes and
has accepted all of the outstanding 11 3/4% Notes tendered by 5:00 p.m. E.D.T.
on Friday, October 1, 2004 for purchase and payment. The Company will
repurchase the tendered 11 3/4% Notes at a repurchase price of $1,065 per
$1,000 principal amount, which includes a consent payment of $20, plus accrued
and unpaid interest to the repurchase date.
The tender offer will expire at midnight E.D.T. on October 18, 2004.
Holders of the 11 3/4% Notes tendering after the consent period will receive
only the tender offer consideration of $1,045 per $1,000 principal amount,
plus accrued interest to the repurchase date, and will not receive the consent
payment. The 11 3/4% Notes become callable by the Company on
November 15, 2004 at a redemption price of $1,058.75 per $1,000 principal
amount, plus accrued interest to the redemption date, as provided for in the
indenture governing the 11 3/4% Notes.
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 Offer 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. Information about the Company may be found on its web site
http://www.frontieroil.com .
This news release includes forward-looking statements concerning the
Company. These may include statements of plans or objectives for future
operations, statements about future economic performance or assumptions or
estimates. The accuracy of these forward-looking statements is subject to a
wide range of business risks and changes in circumstances that are described
in our reports that are filed from time to time with the Securities and
Exchange Commission. Actual results and outcomes often differ from
expectations.
SOURCE Frontier Oil Corporation
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Related links:
http://www.frontieroil.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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