HOUSTON, Oct. 7 /PRNewswire-FirstCall/ -- Frontier Oil Corporation
(NYSE: FTO) has called for redemption of the $220 million 8% Senior Notes due
2013 (the "8% Notes") that were issued by Frontier Escrow Corporation in
contemplation of completion of Frontier's merger with Holly Corp. Pursuant to
their terms, the 8% Notes have been held in escrow since their issuance on
April 17, 2003. Release of the funds from escrow was dependent on the closing
of the Holly merger. The 8% Notes will be redeemed on October 10, 2003 at a
price of 101% plus accrued interest through October 9. On August 20, 2003,
Frontier announced that Holly Corp. had repudiated the March 30, 2003 merger
agreement and filed a lawsuit against Holly in Delaware Chancery Court. On
September 2, 2003, Holly filed a counterclaim against Frontier, alleging,
among other things, that Frontier had breached the March 30 merger agreement.
Trial on the related actions has been scheduled to begin in Delaware on
December 8, 2003.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010411/FTOLOGO )
Frontier operates a 110,000 barrel-per-day refinery located in El Dorado,
Kansas, and a 46,000 barrel-per-day refinery located in Cheyenne, Wyoming, and
markets its refined products principally along the eastern slope of the Rocky
Mountains and in other neighboring plains states. 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
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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