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WASHINGTON -- Independent oil refinery Premcor Inc. filed with U.S. regulators to raise as much as $287.5 million in common stock.
Premcor intends to use the net proceeds from the sale of these shares to finance, in part, the recently announced acquisition of the Williams Memphis refinery and related supply and distribution assets located in and around Memphis, Tennessee from The Williams Cos. Inc., the company said in a statement. But it didn't rule out using the finds to acquire additional refineries.
The underwriters are Morgan Stanley, Credit Suisse First Boston, Goldman Sachs & Co. and Deutsche Bank Securities. Premcor stock closed at $22.93, up almost 1 percent, or 22 cents. Its shares have traded as high as $28.35 and as low as $13 over the past year.