ENTERPRISE OIL PREFERENCE SHARES SUCCESS
ENTERPRISE OIL PREFERENCE SHARES SUCCESS NEW YORK, June 19 /PRNewswire/ -- Enterprise Oil, the UK exploration
and production company, announced today that it had successfully raised $150 million through the issue of fixed-rate U.S. dollar perpetual preference shares. The issue size has been increased from $100 million to meet investor demand.
Graham Hearne, chairman and chief executive, said he was pleased with the response. "This is not a market which has been used by UK industrial companies in the past," he said. "We were aware that the issue was seen as innovative and it came at a time of considerable market competition. The issue has enabled us to gain access to a new source of permanent capital on attractive terms." Hearne added that the funds would be used for general corporate purposes, including supporting the group's major investment program. The shares, which are to be listed on the New York Stock Exchange, were priced to yield an annual net dividend of 7.88 percent, equivalent to a gross yield to investors (including the related tax credit) of 10.5 percent per annum. The offering of the shares was lead-managed by Lehman Brothers with Merrill Lynch acting as co-manager. -0- 6/19/92 /CONTACT: Andrew Shilston, 011 (44-71) 925-4029, or John Van Der Welle, 011 (44-71) 925-4016, both of Enterprise Oil in London; or Michael Burrow, 011 (44-71) 260-3150 in London, or Jeffrey Sechrest, 212-298-4363, both of Lehman Brothers; or Michael Rust of Burson- Marsteller, 212-614-4673, for Enterprise Oil/ CO: Enterprise Oil ST: New York IN: OIL SU: TQ-OS -- NY021 -- 1867 06/19/92 11:04 EDT
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|Date:||Jun 19, 1992|
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