OLD GREENWICH, Conn., Nov. 5 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that its wholly-owned subsidiary, The Premcor
Refining Group Inc. ("PRG"), has priced an offering of $385 million in
aggregate principal amount of Senior Notes and Senior Subordinated Notes at
par under the following terms:
-- $210 million of Senior Notes due 2011 at 6.75%; and
-- $175 million of Senior Subordinated Notes due 2012 at 7.75%.
The Notes are offered to qualified institutional buyers pursuant to Rule
144A of the Securities Act of 1933 and outside the United States in compliance
with Regulations S. The offering is expected to close on November 12, 2003,
subject to customary conditions. PRG intends to use the gross proceeds to
redeem its outstanding 8-3/8% Senior Notes due 2007, 8-5/8% Senior Notes due
2008 and 8-7/8% Senior Subordinated Notes due 2007.
This announcement is neither an offer to sell nor a solicitation to buy
these securities. The securities have not, and will not, be registered under
the Securities Act of 1933, as amended, or any state securities laws, and
unless so registered, may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and applicable state laws.
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including the
company's current expectations with respect to future market conditions,
future operating results, the future performance of its refinery operations,
and other plans. Words such as "expects," "intends," "plans," "projects,"
"believes," "estimates," "may," "will," "should," "shall," and similar
expressions typically identify such forward-looking statements. Even though
Premcor believes the expectations reflected in such forward-looking statements
are based on reasonable assumptions, it can give no assurance that its
expectations will be attained. Factors that could cause actual results to
differ materially from expectations include, but are not limited to,
operational difficulties, varying market conditions, potential changes in
gasoline, crude oil, distillate, and other commodity prices, government
regulations, and other factors contained from time to time in the reports
filed with the Securities and Exchange Commission by the company and its
subsidiary, The Premcor Refining Group Inc., including quarterly reports on
Form 10-Q, current reports on Form 8-K, and annual reports on Form 10-K.
SOURCE Premcor Inc.
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Related links:
http://www.premcor.com
CONTACT:
Media-Investors Joe Watson, +1-203-698-7510,
or Investors, Karen Davis, +1-314-854-1424, or Michael Taylor,
+1-314-719-2304, all of Premcor Inc.
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