Pogo Producing to redeem 6½% convertible preferreds

New York, May 3 - Pogo Producing Co. said its Pogo Trust I will redeem all its outstanding 6½% cumulative quarterly income convertible preferred securities due 2029.

The redemption will be on June 4. Until that date, holders can convert the preferreds into 2.1053 shares of Pogo common stock, equivalent to a conversion price of $23.75 per share. Pogo stock closed at $34.80 on Friday.

The redemption price for the securities, payable in cash, is $52.275 per preferred.

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