Premcor Refining to start roadshow Tuesday for $400 million two-part deal

By Paul A. Harris

St. Louis, Jan. 13 - Premcor Refining Group Inc. begins its roadshow Tuesday for a two-part offering of $400 million senior notes, according to a syndicate source.

The deal figures to price late in the week of Jan. 20 or possibly early in the week of Jan. 27, the source added.

The offering will be comprised of Rule 144A notes structured as due 2010 and non-callable for three years and due 2013 and non-callable for five years. Tranche amounts remain to be determined, the source said late Monday.

Credit Suisse First Boston is the bookrunner. The syndicate also includes Morgan Stanley, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Fleet Securities.

Premcor Refining Group is also expanding its credit facility to $650 million and is doing an approximately $250 million stock offering via Morgan Stanley, which is set to price Thursday.

Proceeds will be used to finance the purchase of a refinery in Memphis, Tenn. owned by Williams Companies, Inc., for approximately $415 million, to retire existing notes and for general corporate purposes.

The issuer is an Old Greenwich, Conn.-headquartered refiner.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.