Printer Friendly

CHIEFTAIN SUBSIDIARY OFFERS US$60 MILLION CONVERTIBLE REDEEMABLE PREFERRED STOCK ISSUE

 CHIEFTAIN SUBSIDIARY OFFERS US$60 MILLION
 CONVERTIBLE REDEEMABLE PREFERRED STOCK ISSUE
 EDMONTON, Alberta, Oct. 30 /PRNewswire/ - Chieftain International Funding Corp., (AMEX: GSS; Toronto, Alberta: CID) an indirect, wholly owned special purpose finance subsidiary of Chieftain International, Inc., announced today a public offering in the United States of 2.4 million shares of convertible redeemable preferred stock. Total proceeds, before underwriting fees and other expenses, will be US$60 million.
 The preferred stock will have a liquidation preference of US$25.00. Holders will be entitled to a cumulative dividend at the rate of US$1.8125 per annum, payable quarterly commencing Dec. 31, 1992. Subject to adjustment in certain events, each share of preferred stock will be convertible at any time, unless previously redeemed, into common shares of Chieftain International Inc. at an initial conversion price of US$20.00 per share, equivalent to a conversion rate of 1.25 Chieftain International Inc. common shares for each share of preferred stock. The company may redeem the preferred stock at any time after Dec. 31, 1995 initially at a redemption price of US$26.2083 per share, and thereafter declining to US$25.00 per share after Dec. 31, 2001. In addition, certain obligations to holders of the preferred stock will be guaranteed on a subordinated basis by Chieftain International Inc.
 The preferred stock will trade on the American Stock Exchange under the symbol "GSS."
 Chieftain intends to use the net proceeds of the offering to fund the acquisition of gas and oil producing properties in the United States. The managing underwriters of the offering are Bear, Stearns & Co. Inc. and Prudential Securities Inc.
 Chieftain is engaged in gas and oil exploration, development and production in the United States and to a lesser extent, internationally. Its activities are concentrated in the Gulf of Mexico area, the Four Corners area of Utah and the U.K. sector of the North Sea. Chieftain International Inc.'s common shares (symbol: CID) are traded on the American Stock Exchange, the Toronto Stock Exchange and the Alberta Stock Exchange.
 -0- 10/30/92
 /CONTACT: Tom Campbell, of Chieftain International, 403-425-1950/
 (GSS) CO: Chieftain International, Inc. ST: Alberta IN: OIL SU:


EH -- LA018 -- 7145 10/30/92 13:26 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 30, 1992
Words:373
Previous Article:GATX DECLARES DIVIDENDS
Next Article:MOODY'S PUBLIC FINANCE DEPARTMENT ISSUES WEEKLY HEALTH CARE RATINGS SUMMARY
Topics:


Related Articles
CHIEFTAIN SUBSIDIARY FILES CONVERTIBLE PREFERRED STOCK OFFERING
CHIEFTAIN SUBSIDIARY COMPLETES US$60 MILLION CONVERTIBLE REDEEMABLE PREFERRED STOCK ISSUE
CHIEFTAIN INTERNATIONAL FUNDING CORP. AMENDS RECORD DATE
CHIEFTAIN INTERNATIONAL FUNDING CORP. DECLARES REGULAR DIVIDEND ON US$1.8125 CONVERTIBLE REDEEMABLE PREFERRED SHARES
/C O R R E C T I O N -- HARD ROCK CAFE/(Correction Notice)
ATTENTION BUSINESS EDITORS:.
Hunt Oil Company agrees to acquire Chieftain International, Inc. for U.S. $29.00 per share.
Hunt Oil Company Acquires Chieftain International, Inc.
Chieftain International Funding Corp. Announces Redemption Of $1.8125 Convertible Redeemable Preferred Stock.
Integrated BioPharma Completes $8.5 Million Private Placement.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters