Texaco Picks Minority Firm for Offering

Texaco Inc. said it will sell $150 million in corporate debt securities through a minority investment firm, trying to enhance its image after the recent race-discrimination embarrassment. The company selected Blaylock & Partners, a New York firm formed in 1993, as the lead underwriter for the 10-year note sale. Texaco hasn’t borrowed money from investors through a debt offering in about four years. Texaco acknowledged it chose Blaylock & Partners as part of its efforts to reach out to minorities following the recent $176-million settlement of a race-discrimination lawsuit by black employees. The company said it selected Blaylock after careful studies, but could not say how many other firms were considered and how many were minority-owned.