HOUSTON, Oct. 18 /PRNewswire/ -- Pennzoil-Quaker State Company (NYSE: PZL)
announced today that it plans to issue $250 million in aggregate principal
amount of senior notes due 2008. The Company expects to use the net proceeds
of the offering to repay existing indebtedness. In addition to the notes
offering, the Company is launching the syndication of a new senior secured
$350 million revolving credit facility to replace its existing credit
facility.
The securities to be offered will not be registered under the Securities
Act of 1933, as amended (the "Securities Act"), or any state securities laws,
and unless so registered, may not be offered or sold in the United States
except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable state
securities laws.
Pennzoil-Quaker State Company made this statement to be consistent with
the Securities and Exchange Commission's "fair disclosure" guidelines. This
announcement is neither an offer to sell nor a solicitation to buy any of
these securities.
Pennzoil-Quaker State Company is a leading worldwide automotive consumer
products company, marketing over 1,300 products with 20 leading brands in more
than 90 countries. The company markets Pennzoil(R) and Quaker State(R) brand
motor oils, the number one and number two selling motor oils in the United
States. Jiffy Lube, a wholly owned subsidiary of Pennzoil-Quaker State
Company, is the world's largest fast lube operator and franchiser.
Certain statements contained herein that are not descriptions of
historical facts are "forward-looking" statements (as such term is defined in
the Private Securities Litigation Reform Act of 1995). Because such
statements include risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking statements.
Factors that could cause results to differ materially from those expressed or
implied by such forward-looking statements include, but are not limited to,
those discussed in filings made by the Company with the Securities and
Exchange Commission. The completion of the aforementioned offering is subject
to, among other things, market conditions. No guarantee can be made that the
aforementioned offering can be completed under acceptable terms.
SOURCE Pennzoil-Quaker State Company
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Related links:
http://www.pennzoil-quakerstate.com
Company News On-Call:
http://www.prnewswire.com/comp/684550.html
CONTACT:
media, Ray Scippa, +1-713-546-8942, or
investors, Jay Roueche, +1-713-546-4961, both of Pennzoil-Quaker
State Company
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