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ASHLAND OIL FILES REGISTRATION TO OFFER 5 MILLION SHARES OF CUMULATIVE CONVERTIBLE PREFERRED STOCK

 ASHLAND, Ky., March 26 /PRNewswire/ -- Ashland Oil, Inc. (NYSE: ASH) today filed a registration statement with the Securities and Exchange Commission for a proposed offering of 5 million shares of cumulative convertible preferred stock.
 The liquidation preference of the cumulative convertible preferred stock will be $50 per share, for an aggregate offering size of $250 million. 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.
 Any offering will be made only by means of a written prospectus.
 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 news release 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.
 /delval/
 -0- 3/26/93
 /CONTACT: Bill Hartl, investor relations, in New York, 212-421-1250; or Roger Schrum, media relations, in Ashland, 606-329-4061, both of Ashland Oil, Inc./
 (ASH)


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

KC -- PG004 -- 9979 03/26/93 09:51 EST
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Publication:PR Newswire
Date:Mar 26, 1993
Words:281
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