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AGRICULTURAL MINERALS AND CHEMICALS AND BEAUMONT METHANOL ANNOUNCE CONSOLIDATION

    TULSA, Okla., Aug. 5 /PRNewswire/ - Agricultural Minerals and Chemicals Inc. (AMCI), the parent of the general partner of Agricultural Minerals Company L.P. (NYSE: AMC), announced today a proposed transaction under which control of Beaumont Methanol Corp. (BMC) would be consolidated under AMCI.
    Agricultural Minerals Company L.P. (AMCLP) is one of the largest U.S. manufacturers and marketers of nitrogen fertilizer products.  BMC operates the largest methanol production facility in the United States, located in Beaumont, Texas.  Both companies currently operate under a common management.
    In connection with the transaction, the equity holders of BMC will exchange all their BMC equity for equity in AMCI.  Following the transaction, Agricultural Minerals Corp., the general partner of AMCLP, and BMC will be separate wholly owned subsidiaries of AMCI.  The company said that the publicly traded Senior Preference Units of AMCLP would remain outstanding after the transaction.  AMC will continue to own a 60- percent partnership interest in AMCLP.
     AMCI also said that it has filed a registration statement with the Securities and Exchange Commission for a proposed offering of $175-million principal amount of senior notes in connection with the transaction.  The notes will be obligations solely of AMCI and will be unsecured.  The proceeds of the note offering will be used to prepay bank debt of BMC and to pay a distribution to AMCI equity holders.
    The note offering will be managed by Morgan Stanley & Co. Inc.
    A registration statement relating to the notes has been filed with Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
    A copy of the registration statement containing the preliminary prospectus relating to the notes may be obtained by contacting Agricultural Minerals Corp., 5100 E. Skelly Dr., Suite 800, Tulsa, OK 74135; Attention: Craig Cosgrove, telephone 918-660-0050.
    -0-             08/05/93
    CONTACT:  Robert Gwyn of AMC, 918-660-0050 CO:  AGRICULTURAL MINERALS CORP.; AGRICULTURAL MINERALS
                        COMPANY L.P.; BEAUMONT METHANOL CORP.


ST: OK,TX

-- SF010 -- X442 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
Words:397
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