Nuevo Energy calls remaining 9½% notes

New York, Jan. 28 - Nuevo Energy Co. (B2/BB-) said it would redeem the remaining $75 million of its outstanding 9½% senior subordinated notes due 2008. The company issued $260 million of the notes in August 1999.

Nuevo Energy, a Houston-based oil and gas exploration and production company, said that the notes will be redeemed on Feb. 27 at a price of 104.75% of the principal amount.

It said the redemption will be funded by proceeds from Nuevo's recently announced real estate sales and from bank debt. The redemption is expected to result in annual interest expense savings of $6 million.

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