ConocoPhillips to Redeem the 7.92% Notes Due April 15, 2023.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--Feb. 28, 2003 ConocoPhillips (NYSE NYSE See: New York Stock Exchange :COP COP In currencies, this is the abbreviation for the Colombian Peso. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) today announced that on April 15, 2003, it will redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. $250 million of its 7.92 percent notes due April 15, 2023. As a result of refunding these notes with lower cost debt, pre-tax interest expense will be lower by approximately $5.5 million a year based on current market conditions. The terms of the notes provide ConocoPhillips with the option to redeem the notes at 103.96 percent of face value on or after April 15, 2003. This action by the company will redeem all of the 7.92 percent notes. CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995 This statement contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements, such as "As a result of refunding these notes with lower cost debt, pre-tax interest expense will be lower by approximately $5.5 million a year based on current market conditions" are based on management's expectations, estimates and projections about future interest rates and capital market conditions on the date this statement was released. These statements involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise. |
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