Unocal calls 6¼% trust preferreds

New York, Dec. 16 - Unocal Corp. said it will redeem its remaining 5.2 million shares of 6¼% trust convertible preferreds on Jan. 19.

The El Segundo, Calif., oil and gas exploration company will pay the liquidation value plus a 1.25% redemption premium.

The total cost will be $266 million.

The redemption is part of a program announced earlier in the month to buy back up to $465 million of its securities.

Unocal will also buy back up to $200 million of stock and will increase the stock repurchases using any funds left over from redeeming the convertible due to conversions by holders.

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