Union Pacific to call $500 million convertible preferreds

New York, June 2 - Union Pacific Corp. said it will refinance $500 million of its remaining $1 billion of 6¼% convertible preferred Term Income Deferrable Equity Securities (TIDES).

The Omaha, Neb. transportation company will fund the redemption with proceeds from issuance of $500 million of unsecured debt which it said has an average yield of 4.42%.

The convertibles will be refinanced in the third quarter at a redemption price of $50.52 which includes a 1% premium over the issue price of $50 plus accrued interest.

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