Belco Oil & Gas Corp. Announces New Issue of $75,000,000 of Convertible Preferred Stock.NEW YORK--(BUSINESS WIRE)--Feb. 24, 1998--Belco Oil & Gas Corp. (NYSE NYSE See: New York Stock Exchange :BOG) today announced that it intends to offer a new issue of Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". expected to total $75,000,000 in an underwritten public offering. The Company intends to use the proceeds of the offering to reduce bank indebtedness. The underwriters for the offering are Goldman, Sachs & Co., Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. and Howard, Weil, Labouisse, Friedrichs Incorporated. A copy of the Preliminary Prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders Supplement and the Prospectus to which it relates may be obtained without charge from Goldman, Sachs & Co., 85 Broad Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10004. Belco is an independent energy company engaged in the exploration, development, acquisition and production of natural gas and oil. CONTACT: Dominick J. Golio, Chief Financial Officer (212) 508-9513 BELCO OIL & GAS CORP. 767 Fifth Avenue - 46th Floor New York, NY 10153 www.belcooil-gas.com |
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