| Deal Description | Commonwealth Oil Refining Company, Inc., used a portion of the net proceeds from this transaction to retire portions of its long- and short-term debt. The proceeds from the debt that was to be retired were applied to capital expenditures. Included in such capital expenditures were the completion in the fall of 1965 of the company's aromatics plant, commencement in 1966 of construction of an ethylbenzene plant, and continuing refinery improvements. The company planned to use an additional portion of the proceeds from this deal in its expansion and modernization program. The program included petrochemical facilities, various petrochemical joint ventures, and refinery improvements. The company expected that the additional funds needed to complete this 1967-70 program would be provided by internally generated funds and by amounts borrowed under a bank credit agreement dated June 1, 1967. |
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