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Premcor to redeem 2007, 2008 notes with new-deal proceeds
New York, Nov. 5 - Premcor Inc. (Ba3/BB-) said that its wholly-owned Premcor Refining Group Inc. subsidiary plans to sell $385 million of new eight-year and nine-year notes in a Rule 144A transaction, and will use the deal proceeds to redeem three series of outstanding notes.
Premcor, an Old Greenwich, Conn.-based petroleum refiner and marketer, said it intends to use the proceeds to redeem Premcor Refining Group's outstanding 8 3/8% senior notes due 2007, 8 5/8% senior notes due 2008 and 8 7/8% senior subordinated notes due 2007.
Premcor did not outline a timeframe for the planned note redemptions.
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