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TOSCO COMPLETES SALE OF $300 MILLION OF FIRST MORTGAGE BONDS

 TOSCO COMPLETES SALE OF $300 MILLION OF FIRST MORTGAGE BONDS
 STAMFORD, Conn., March 23 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) announced today the public sale of $300 million of first mortgage bonds, comprised of $100 million of 9 percent Series A bonds due 1997 and $200 million of 9-5/8 percent Series B bonds due 2002. Lehman Brothers and Donaldson Lufkin & Jenrette Securities Corporation have co-managed the offering, with Furman Selz Incorporated serving as an underwriter.
 Interest on the bonds is payable each March 15 and Sept. 15, beginning Sept. 15, 1992. Each of the issues are non-callable for life and are secured by Tosco's Avon Refinery. The net proceeds will be used to repay in full its bank term debt, and the balance will be used for working capital and general corporate purposes.
 Tosco, through a division, Tosco Refining Company, is a large independent refiner and wholesale marketer of petroleum products, principally on the West Coast of the United States. Tosco owns and operates the Avon Refinery, located in the San Francisco Bay area, has extensive distribution facilities, and engages in related commercial activities. The Avon Refinery is the largest independently owned petroleum refinery on the West coast and is technologically complex, enabling it to process a broad range of crude oils. Tosco Refining Company produces primarily light refined petroleum products, consisting chiefly of transportation fuels which are marketed at wholesale in five Western states.
 Through its wholly owned subsidiary, Seminole Fertilizer Corporation, Tosco is also one of the largest United States producers and distributors of phosphate-based fertilizer products. Seminole, located in Polk County, Fla., is an integrated, high volume, low cost producer with an annual production capacity of approximately 2 million tons of granular fertilizer products, the majority of which are sold in the international markets.
 -0- 3/23/92
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco, 203-977-1000/
 (TOS) CO: Tosco Corporation ST: Connecticut IN: CHM SU: OFR


SH-KD -- NY032 -- 0488 03/23/92 10:32 EST
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Publication:PR Newswire
Date:Mar 23, 1992
Words:331
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