Texaco Press Release - Texaco Announces Public Issuance of $300 Million in 7-year Debt Securities
FOR RELEASE: THURSDAY, JUNE 11, 1998.
WHITE PLAINS, N.Y., June 11 - Texaco Capital Inc., a wholly-owned finance subsidiary of Texaco Inc., announced that it is issuing $300 million of 7-year notes in a public offering. These securities, which will mature on June 15, 2005, are being offered at a price of 99.622 percent of par with an interest coupon rate of 6.0 percent . 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 an underwriting group led by Salomon Smith Barney and co-managed by Blaylock & Partners, L.P., Credit Suisse First Boston, Goldman, Sachs & Co. and Morgan Stanley Dean Witter. The debt securities are issued under a shelf registration statement that was filed with the Securities and Exchange Commission in February 1998.
Updated: June 1998