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PENNZOIL COMPLETES SALE OF $500 MILLION OF DEBENTURES EXCHANGEABLE INTO CHEVRON SHARES

 HOUSTON, Oct. 12 /PRNewswire/ -- Pennzoil Co. (NYSE: PZL) announced the completion of the sale of $500 million principal amount of its 4.75 percent debentures exchangeable at the option of the holders into a total of 4,251,000 shares of Chevron common stock owned by Pennzoil. The debentures, exchangeable into Chevron shares at $117.625 per share, will mature on Oct. 1, 2003, and are callable beginning Oct. 1, 1998.
 The sale includes the $435 million of debentures offered in public underwritings plus an additional $65 million of debentures sold in the offering pursuant to the underwriters' over-allotment privilege. Pennzoil will use the proceeds from the sale to reduce debt and for general corporate purposes.
 The underwritings were managed in the U.S. by Lehman Brothers, Merrill Lynch & Co. and Smith Barney Shearson Inc. and outside the United States by Lehman Brothers International, Merrill Lynch International Limited and Smith Barney Shearson Inc.
 -0- 10/12/93
 /CONTACT: Robert Harper of Pennzoil Co., 713-546-8536/
 (PZL CHV)


CO: Pennzoil Co.; Chevron Corp. ST: Texas IN: OIL SU:

CK -- NY060 -- 1106 10/12/93 12:34 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
Words:185
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