Printer Friendly

TOSCO INTERNATIONAL FINANCE CALLING FOR REDEMPTION OF DEBENTURES

 STAMFORD, Conn., June 28 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) today announced its wholly owned subsidiary, Tosco International Finance N.V., is calling for redemption all outstanding 8 percent Convertible Subordinated Debentures Due 1995. It is expected the Trustee, Morgan Guaranty Trust Company, will complete the redemption during August 1993.
 Thomas D. O'Malley, Tosco Corporation's Chairman, Chief Executive Officer and President, stated, "The elimination of this $50 million of debt is made possible by the ample liquidity we enjoy even after the acquisition of the Bayway Refinery. We are pleased to be able to shrink our debt level and reduce interest expense. The elimination of this debt leaves us with negligible debt amortization prior to 1997, further enhancing the cash available for investment in our business."
 Tosco Corporation is a large independent refiner and wholesale marketer of petroleum products and now produces approximately 400,000 barrels per day or slightly less than 3 percent of the petroleum products produced in the United States.
 -0- 6/28/93
 /CONTACT: Jefferson F. Allen, or Daniel P. Mulderry, of Tosco Corporation, 203-977-1000/
 (TOS)


CO: Tosco Corporation ST: Connecticut IN: OIL SU:

SH -- NY037 -- 6185 06/28/93 11:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 28, 1993
Words:196
Previous Article:NAHAMA & WEAGANT ENERGY COMPANY INCREASES DAILY GAS PRODUCTION BY ONE-THIRD
Next Article:STEWART & STEVENSON SERVICES, INC. SIGNS THREE YEAR CONTRACT WITH SAINT JOHN NAVAL SYSTEMS LIMITED OF HALIFAX, NOVA SCOTIA
Topics:


Related Articles
TEXACO ANNOUNCES EARLY REDEMPTION OF 8 7/8 PERCENT DEBENTURES DUE 2005
TEXACO ANNOUNCES EARLY REDEMPTION OF 8 1/2 PERCENT DEBENTURES DUE 2006
REDEMPTION OF MOBIL ALASKA PIPELINE COMPANY 8.45 PERCENT DEBENTURES
TEXACO INC. ANNOUNCES EARLY REDEMPTION OF 7-3/4 PERCENT DEBENTURES DUE 2001
NOBLE AFFILIATES ANNOUNCES FULL REDEMPTION OF 7-1/4 PERCENT CONVERTIBLE DEBENTURES DUE 2012
TALISMAN REDEEMS TWO DEBENTURE ISSUES
TOSCO CORPORATION TO CALL FOR THE REDEMPTION OF SERIES F PREFERRED STOCK, RAISES COMMON STOCK DIVIDEND
TOSCO CALLS SERIES F PREFERRED STOCK
TOSCO CALLS SERIES F PREFERRED STOCK
Tosco Corporation Extends Exchange Offer for Unregistered Notes and Debentures

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters