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TOSCO CORPORATION ANNOUNCES FILING OF REGISTRATION STATEMENT FOR $300 MILLION DEBT OFFERING

 TOSCO CORPORATION ANNOUNCES FILING OF REGISTRATION STATEMENT
 FOR $300 MILLION DEBT OFFERING
 STAMFORD, Conn., March 5 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed offering in the aggregate of $300 million of first mortgage bonds, comprised of $100 million of Series A due 1997 and $200 million of Series B due 2002. Lehman Brothers will manage the offering, with Donaldson Lufkin & Jenrette Securities Corporation and Furman Selz Incorporated serving a co-managers.
 Approximately $186 million of the net proceeds will be used by Tosco to repay in full the balance of its bank term debt facility, and the balance will be used by Tosco 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.
 A registration statement relating to the first mortgage bonds has been filed with the Securities and Exchange Commission but has not yet become effective. The first mortgage bonds may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the first mortgage bonds 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 preliminary prospectus relating to the offering may be obtained by written request from Daniel P. Mulderry, Director of Investor Relations, Tosco Corporation, 72 Cummings Point Road, Stamford, Conn. 06902.
 -0- 3/5/92
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco, 203-977-1000/
 (TOS) CO: Tosco Corporation ST: Connecticut IN: OIL SU: OFR


AH -- NY068 -- 5624 03/05/92 16:53 EST
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Publication:PR Newswire
Date:Mar 5, 1992
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