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PENNZOIL TO CALL $273 MILLION IN HIGH COUPON DEBT

 HOUSTON, Dec. 31 /PRNewswire/ -- Pennzoil Co. (NYSE: PZL) has called for redemption on Feb. 11, 1993 approximately $273 million principal amount of high coupon debt utilizing funds from the initial public offering of Purolator Products Co., the recently acquired Chevron oil and gas properties, and the sale of certain oil and gas assets.
 The Pennzoil debt to be retired together with accrued interest includes:
 -- The entire $250 million issue of 10-5/8 percent debentures due
 2018 and
 -- $22.9 million of the $200 million 10 percent debentures due 2011.
 The debt reduction will be reflected on Pennzoil's year-end 1992 balance sheet and will reduce pretax interest expense in 1993 by $28.9 million. The redemption premiums and related costs are expected to result in an extraordinary charge of approximately $17 million, net of tax, in 1992.
 Notices of redemption are being sent to holders of the redeemed debentures. On or after Feb. 11, 1993, the redeemed debentures may be presented for payment to the trustee, Texas Commerce Bank National Association, at either its principal corporate trust office in Houston, or at the office of Texas Commerce Trust Co. in New York City.
 -0- 12/31/92
 /CONTACT: Robert Harper of Pennzoil Co., 713-546-8536/
 (PZL)


CO: Pennzoil Co. ST: Texas IN: OIL SU:

SM -- NY029 -- 0942 12/31/92 14:21 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:221
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