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OFFSHORE PIPELINES ANNOUNCES FILINGS FOR SENIOR NOTES AND CONVERTIBLE EXCHANGEABLE PREFERRED STOCK

 OFFSHORE PIPELINES ANNOUNCES FILINGS FOR SENIOR NOTES AND
 CONVERTIBLE EXCHANGEABLE PREFERRED STOCK
 HOUSTON, May 4 /PRNewswire/ -- Offshore Pipelines, Inc. (NYSE: OFP) (OPI) today announced that it has filed registration statements with the Securities and Exchange Commission for the concurrent offering of $70 million of guaranteed senior notes and $30 million of cumulative convertible exchangeable preferred stock. Proceeds from the offerings will be used to prepay substantially all of the company's long-term and short-term debt and provide working capital.
 The $70 million guaranteed senior notes will be due 2002 and will be issued by OPI International, Inc., the company's principal domestic operating subsidiary and guaranteed by OPI and certain of its subsidiaries. The offering of cumulative convertible exchangeable preferred stock will consist of 1,200,000 shares with a liquidation preference of $25 per share. The preferred stock will be convertible at the option of the holder, at any time unless previously redeemed, into shares of common stock of OPI at a conversion price to be determined. The preferred stock will also be exchangeable, subject to certain conditions, at the option of the company after two years from the date of issuance into convertible subordinated debentures due 2007.
 The underwriter for the offering is Bear, Stearns & Co. Inc.
 OPI operates one of the largest marine construction fleets in the world capable of providing a full range of services to the worldwide oil and gas industry. The company is an industry leader in the fabrication and installation of offshore platforms, the laying of marine pipelines, and the salvage, refurbishment, and installation of recycled offshore structures.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 5/4/92
 /CONTACT: Victor M. Perez, senior vice president-capital markets of Offshore Pipelines, 713-952-1000/
 (OFP) CO: Offshore Pipelines Inc. ST: Texas IN: OIL SU:


SM -- NY040 -- 5956 05/04/92 11:01 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:394
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