OCCIDENTAL PETROLEUM FILES REGISTRATION STATEMENT FOR 10 MILLION SHARES OF CUMULATIVE INDEXED CONVERTIBLE PREFERRED K?
LOS ANGELES, Dec. 13 /PRNewswire/ -- Occidental Petroleum Corp. (NYSE: OXY) today filed with the Securities and Exchange Commission a registration statement for the underwritten public offer of 10 million shares of cumulative indexed convertible preferred stock with a liquidation preference of $50 per share. The preferred stock will be convertible into shares of Occidental common stock in accordance with a conversion formula which will be indexed to the market price of the common shares of Canadian Occidental Petroleum Ltd. It is expected that the offering will be completed in January. The net proceeds from the offering will be used by Occidental to repay outstanding senior funded debt. Morgan Stanley & Co. Inc. and Merrill Lynch & Co. will serve as co- managers of the offering. The syndicate group includes: Donaldson, Lufkin & Jenrette Securities Corp.; CS First Boston; J.P. Morgan Securities Inc.; RBC Dominion Securities Inc.; and Salomon Brothers Inc. Occidental is engaged in oil and gas exploration and development, natural gas transmission and chemicals. Occidental owns approximately 30 percent of the outstanding common shares of Canadian Occidental. Canadian Occidental is engaged in oil and gas exploration and development, alternate fuels and chemicals. 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 communication 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- 12/13/93 /CONTACT: Howard Collins (media), 310-443-6523; or Kenneth J. Huffman (investors), 212-603-8183/ (OXY)
CO: Occidental Petroleum Corp.; Canadian Occidental Petroleum Ltd. ST: California IN: OIL SU: OFR
EH-JL -- LA017 -- 3160 12/13/93 12:22 EST
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|Date:||Dec 13, 1993|
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