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PENNZOIL RECEIVES $402.5 MILLION FROM DEBENTURE OFFERINGS

 HOUSTON, Jan. 13 /PRNewswire/ -- Pennzoil Co. (NYSE: PZL) announced the completion of underwritten public offerings of $402.5 million of its 6.5 percent debentures exchangeable at the option of the holders into a total of 4,784,518 shares of Chevron common stock owned by Pennzoil. The debentures, exchangeable into Chevron shares at $84.125 per share, will mature on Jan. 15, 2003 and are callable beginning Jan. 15, 1998. Included in the offerings were $52.5 million of debentures sold pursuant to the exercise in full of the over-allotment options by the U.S. underwriters and international managers.
 The proceeds of the offerings will be used to replace higher-cost, refundable debt and other obligations of the company.
 The underwritings were managed in the U.S. by Lehman Brothers and Lazard Freres & Co. and outside the U.S. by Lehman Brothers International and Lazard Brothers & Co., Limited.
 -0- 1/13/93
 /CONTACT: Robert Harper of Pennzoil, 713-546-8536/
 (PZL CHV)


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

KD -- NY036 -- 4428 01/13/93 13:18 EST
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Publication:PR Newswire
Date:Jan 13, 1993
Words:181
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