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ULTRAMAR ANNOUNCES INITIAL PUBLIC OFFERING

 ULTRAMAR ANNOUNCES INITIAL PUBLIC OFFERING
 NEW YORK, June 26 /PRNewswire/ -- Ultramar Corporation announced


today that its global initial public offering of 33,000,000 shares of common stock has been priced at $15.00 per share. Its concurrent public offering of $175,000,000 aggregate principal amount of 8-1/4 percent notes due July 1, 1999 has been priced at 99.893 percent of par, and the public offering by Ultramar Credit Corporation of $275,000,000 aggregate principal amount of 8-5/8 percent guaranteed notes due July 1, 2002, guaranteed by the company, has been priced at 99.54 3 percent of par. Goldman Sachs & Co. is sole manager of the offerings.
 Of the 33,000,000 shares of common stock being offered, 26,150,000 shares are being offered in the United States. 1,900,000 shares are being offered in a concurrent offering in Canada and 4,950,000 shares are being offered in a concurrent international offering outside of the United States and Canada.
 The company has granted the underwriters an option for 30 days to purchase up to an additional 4,950,000 shares. The company's common stock will be listed on the New York Stock Exchange, The Toronto Stock Exchange and the Montreal Exchange under the symbol "ULR."
 The company will use the net proceeds of the common stock offering to purchase the capital stock of Ultramar Inc. ("Ul") and Canadian Ultramar Limited ("CUL") from subsidiaries of LASMO plc and will use $400 million of the net proceeds of the Note offerings to repay intercompany indebtedness of Ul and CUL owed to LASMO and its subsidiaries.
 The company has been established to act as a new holding company for Ul and CUL and their subsidiaries. The company is a leading independent refiner and marketer of petroleum products in California and Eastern Canada and owns and operates a 90,000 BPD refinery in Los Angeles, a 120,000 BPD refinery near Quebec City, Quebec and a 22,000 BPD refinery near Halifax, NovaScotia.
 The company's wholesale and retail marketing of gasoline and other refined products is conducted throughout California and Eastern Canada, primarily under the Ultramar and Beacon brand names. The company's retail network includes approximately 380 retail outlets in California and approximately 1,470 retail outlets in Eastern Canada.
 -0- 6/25/92
 /CONTACT: Steven Blank, director of investor relations, 914-333-2019/
 (ULR) CO: Ultramar Corporation ST: New York IN: OIL SU: OFR


AH -- NY040 -- 4227 06/26/92 12:44 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
Words:417
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