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DIAMOND SHAMROCK TO REFUND SHORT-TERM DEBT

 SAN ANTONIO, Texas, March 22 /PRNewswire/ -- Diamond Shamrock, Inc. (NYSE: DRM) officials today announced that the company has placed $100 million of long-term debt, the proceeds of which will be used to refund the same amount of short-term debt for the company. The new long-term debt has a 30 year maturity at a rate of 8 percent.
 The debt is being placed by Shearson-Lehman with co-brokers Merrill Lynch and First Boston.
 Diamond Shamrock Vice President and Treasurer Bob Becker said, "Long-term rates are at historically low rates, and we believe this is a very attractive time to access the long-term debt market."
 Diamond Shamrock, Inc., headquartered in San Antonio, is a regional refiner and marketer of petroleum products. Diamond Shamrock, with sales of $2.6 billion, has two Texas refineries with a throughput capacity of 175,000 barrels per day and markets gasoline through approximately 2,000 Diamond Shamrock branded outlets in eight states.
 -0- 3/22/93
 /CONTACT: Kathy Hughes, public relations, 210-641-8846, or Bill Strain, investor relations, 210-641-8708, both of Diamond Shamrock/
 (DRM)


CO: Diamond Shamrock, Inc. ST: Texas IN: OIL SU:

TM -- NY093 -- 8378 03/22/93 16:53 EST
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Publication:PR Newswire
Date:Mar 22, 1993
Words:193
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