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Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item |
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.
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