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TOSCO ANNOUNCES PAYMENT OF REMAINING PRINCIPAL AMOUNT OF MORTGAGE BONDS

TOSCO ANNOUNCES PAYMENT OF REMAINING PRINCIPAL AMOUNT OF MORTGAGE BONDS
 STAMFORD, Conn., Dec. 20 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) today announced that the remaining $75 million principal amount of its 12-1/2 percent first mortgage bonds, due Dec. 15, 1991, was paid at maturity. This amount was provided for under the terms of the company's refinancing completed May 1991.
 Thomas D. O'Malley, Tosco Corporation's chairman and chief executive officer, stated, "The maturity of these bonds signifies a major and final step in the elimination of high cost debt at Tosco. The replacement debt bears interest at a rate 4.5 percent less than the rate on the bonds. As a result, Tosco will save considerable interest expense going forward. We have also met our balance sheet goals set at the beginning of the year as the total of long term debt has been reduced by approximately $110 million during 1991."
 Tosco Corporation is a large independent refiner and wholesale marketer of petroleum products on the West Coast of the United States and internationally and is one of the largest U.S. manufacturers and international wholesale distributors of phosphate-based fertilizer products.
 -0- 12/20/91
 /CONTACT: Jefferson F. Allen or Daniel P. Mulberry of Tosco, 203-977-1000/
 (TOS) CO: Tosco Corporation ST: Connecticut IN: OIL SU:


GK-TS -- NY009 -- 4222 12/20/91 08:47 EST
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Publication:PR Newswire
Date:Dec 20, 1991
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