Unocal holders convert 5.1 million shares of 6¼% preferreds

By Caroline Salls

Pittsburgh, Jan. 19 - Unocal Corp. said holders of 5.1 million shares of its 6¼% trust convertible preferred securities elected to convert their preferreds into 6 million shares of Unocal common stock ahead of redemption.

Unocal redeemed $6 million, or 119,143 shares, of the preferreds.

The redemption and conversion will reduce Unocal's book debt by $269 million.

Unocal is an El Segundo, Calif., independent natural gas and crude oil exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.