TEXACO ANNOUNCES PUBLIC ISSUANCE OF $200 MILLION IN 40-YEAR DEBT SECURITIES
TEXACO ANNOUNCES PUBLIC ISSUANCE OF
$200 MILLION IN 40-YEAR DEBT SECURITIES
WHITE PLAINS, N.Y., Nov. 12 /PRNewswire/ -- Texaco Inc. (NYSE: TX) has announced that its wholly owned finance subsidiary, Texaco Capital Inc., is issuing $200 million of 40-year debentures in a public offering. These securities, which will mature on Nov. 15, 2031, are being offered at a price of 99.496 percent of par with an interest coupon rate of 8-5/8 percent. Texaco Inc. will unconditionally guarantee the securities.
Proceeds from the sale will be loaned to Texaco Inc. or its subsidiaries to be used for working capital, for retirement of debt and for other general corporate purposes.
The sale is being offered through an underwriting group led by Morgan Stanley & Co. and co-managed by the First Boston Corporation and Salomon Brothers Inc. The debt securities are issued under a shelf registration statement that was filed with the Securities and Exchange Commission in May 1991.
/CONTACT: James J. Swords of Texaco, 914-253-4103/
(TX) CO: Texaco Inc.; Texaco Capital Inc. ST: New York IN: OIL SU: OFR SM -- NY086 -- 3642 11/12/91 17:07 EST