Texaco Press Release - Texaco Announces Public Issuance of $200 Million in 10-year Debt Securities
FOR RELEASE: TUESDAY, NOVEMBER 24, 1998.
WHITE PLAINS, N.Y., November 24 - Texaco Capital Inc., a wholly-owned finance subsidiary of Texaco Inc., announced that it is issuing $200 million of 10-year notes in a public offering. These securities, which will mature on December 1, 2008, are being offered at par with an interest coupon rate of 5.70 percent. In a separate transaction, the coupon was swapped to a floating rate of interest. The securities are redeemable at par at the option of the company on or after December 1, 2005. Texaco Inc. will unconditionally guarantee the securities.
Proceeds from the sale will be used for working capital, for retirement of debt and for other general corporate purposes.
The sale is being offered through Goldman, Sachs & Co., as underwriter. The securities are issued under a shelf registration statement that was filed with the Securities and Exchange Commission in February 1998.
Updated: November 1998