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Premcor to redeem 2007, 2008 notes with new-deal proceeds
New York, Nov. 12 - Premcor Inc. (Ba3/BB-) announced that its wholly owned subsidiary, The Premcor Refining Group Inc., completed its offering of $385 million in aggregate principal amount of new senior notes and senior subordinated notes.
It said that Premcor Refining Group has called its outstanding $100 million of 8 3/8% senior notes due 2007, $110 million of 8 5/8% senior notes due 2008, and $175 million of 8 7/8% senior subordinated notes due 2007 for redemption on Dec. 12, using the proceeds of the now-completed offering of new bonds.
It said that redemption of the notes will include call premiums of 2.094% for the 8 3/8% notes, 4.312% for the 8 5/8% notes, and 2.958% for the 8 7/8% notes.
The company expects to record a pretax charge in the fourth quarter totaling $17 million related to the redemptions, including $12 million for the redemption premiums and $5 million for the non-cash write-off of deferred financing costs related to the redeemed notes.
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