SAN RAMON, Calif., May 17 /PRNewswire-FirstCall/ -- Union Oil Company of California ("Union Oil"), an indirect wholly owned subsidiary of Chevron Corporation , announced today the purchase prices to be paid pursuant to its Purchase Offer dated May 8, 2006 (the "Purchase Offer") with respect to all of its outstanding debt securities (the "Securities").
The Purchase Price (as defined in the Purchase Offer) per $1,000 principal amount for any Security sold pursuant to the Purchase Offer will be as set forth in the table below.
Reference Fixed Security Reference Security Yield Spread 7.95% due 2007 3.75% due 3/31/07 5.056% 0.00% 6.7% due 2007 4.25% due 10/31/07 5.014% 0.00% 7.9% due 2008 2.625% due 5/15/08 5.002% 0.05% 6.5% due 2008 2.625% due 5/15/08 5.002% 0.10% 7.94% due 2009 2.625% due 3/15/09 5.005% 0.10% 7.35% due 2009 4.00% due 6/15/09 5.008% 0.15% 9.34% due 2011 5.00% due 2/15/11 5.016% 0.20% 9.375% due 2011 5.00% due 2/15/11 5.016% 0.20% 9.4% due 2011 5.00% due 2/15/11 5.016% 0.20% 9.35% due 2011 5.00% due 2/15/11 5.016% 0.20% 5.05% due 2012 4.00% due 11/15/12 5.108% 0.25% 8.15% due 2015 4.125% due 5/15/15 5.173% 0.35% 7% due 2028 5.375% due 2/15/31 5.377% 0.50% 7.5% due 2029 5.375% due 2/15/31 5.377% 0.50% Purchase Price Excluding Purchase Price Purchase Accrued Accrued plus Accrued Offer Yield Interest Interest Interest 5.056% $1,023.08 $24.95 $1,048.03 5.014% $1,022.43 $21.03 $1,043.46 5.052% $1,051.05 $24.80 $1,075.85 5.102% $1,025.46 $3.97 $1,029.43 5.105% $1,073.95 $24.92 $1,098.87 5.158% $1,061.29 $32.26 $1,093.55 5.216% $1,170.69 $25.43 $1,196.12 5.216% $1,172.14 $25.52 $1,197.66 5.216% $1,173.17 $25.59 $1,198.76 5.216% $1,172.83 $25.45 $1,198.28 5.358% $983.52 $7.29 $990.81 5.523% $1,182.62 $25.58 $1,208.20 5.877% $1,137.41 $4.28 $1,141.69 5.877% $1,201.99 $20.42 $1,222.41
The offer will expire at 5:00 p.m. New York City time on Friday, May 19, 2006 (the "Expiration Date"), unless extended or earlier terminated, in either case by Union Oil in its sole discretion. Holders of Securities wishing to sell must follow the instructions set forth in the Purchase Offer.
The Purchase Price, plus accrued and unpaid interest to (but excluding) the date of payment, will be paid to registered holders in immediately available funds on the second New York Stock Exchange trading day after the Expiration Date (the "Settlement Date"). If the Purchase Offer is not extended, the Settlement Date will be May 23, 2006.
The offer is made upon the terms and subject to the conditions set forth in the Purchase Offer. Copies of the Purchase Offer can be obtained from D.F. King & Co., Inc., the Information Agent, toll free at (800) 431-9642.
Lehman Brothers Inc. is serving as the Dealer Manager for the offer. Questions regarding the terms of the offer or procedures for accepting the offer may be directed to Lehman Brothers Inc. toll free at 800-438-3242 or collect at 212-528-7581.
This news release is neither an offer to purchase nor a solicitation of an offer to sell the Securities. The offer is made solely by Union Oil's Purchase Offer dated May 8, 2006. This offer is not being made to holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the offer is required to be made by a licensed broker or dealer, it shall be deemed to be made on behalf of Union Oil by the Dealer Manager.
None of Union Oil, Chevron, the Dealer Manager or the Information Agent makes any recommendation as to whether or not holders should sell their Securities pursuant to the Purchase Offer, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to sell the Securities, and if so, the principal amount of the Securities to sell.
