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ASHLAND OIL SELLS 5.5 MILLION SHARES OF CUMULATIVE CONVERTIBLE PREFERRED STOCK TO YIELD 6.25 PERCENT

 ASHLAND, Ky., May 14 /PRNewswire/ -- Ashland Oil, Inc. (NYSE: ASH) today announced the sale of 5.5 million shares of cumulative convertible preferred stock priced at $50 per share to yield 6.25 percent.
 An additional 500,000 shares may be sold to cover over-allotments.
 Each share of preferred stock is convertible into 1.546 shares of Ashland common stock, which is equivalent to a conversion price of $32.343 per common share. The preferred shares are not redeemable prior to March 25, 1997.
 Proceeds from the sale will be used to reduce debt. Pending such use, a portion of the proceeds will be added to working capital.
 The First Boston Corporation and Goldman, Sachs & Co. are underwriters for the offering.
 Ashland Oil, Inc. is a diversified energy company engaged in petroleum refining, transportation and marketing; retail gasoline marketing; motor oil marketing; chemicals; coal; highway construction; and oil and gas exploration and production.
 -0- 5/14/93
 /CONTACT: Martha Johnson, 606-329-4101, or William Hartl, 212-421-1250, both of Ashland Oil/
 (ASH)


CO: Ashland Oil, Inc. ST: Kentucky IN: OIL SU: OFR

CD -- PG008 -- 8524 05/14/93 09:42 EDT
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Publication:PR Newswire
Date:May 14, 1993
Words:189
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