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PENNZOIL TO CALL DEBT ISSUES

 HOUSTON, Jan. 18 /PRNewswire/ -- Pennzoil Co. (NYSE: PZL) will call for redemption on March 1, 1993 four issues of debt. The Pennzoil debt to be retired includes:
 -- the entire $43.248 million of Pennzoil's 9 percent Debentures due Dec. 31, 2001 at a redemption price of 101.75 percent of their principal amount;
 -- the entire $100 million of Pennzoil's 9-1/8 percent Notes due March 1, 1996 at a redemption price of 100.0 percent of their principal amount;
 -- the entire $5.138 million of Pennzoil's 12-1/8 percent Debentures due Dec. 1, 2007 at a redemption price of 105.59 percent of their principal amount; and
 -- the entire $74.967 million of Pennzoil's 12-1/4 percent Debentures due Dec. 1, 2007 at a redemption price of 105.59 percent of their principal amount.
 The redemption premiums and related costs are expected to result in a one-time charge to earnings of $1.4 million, net of tax, during the first quarter of 1993.
 Notices will be sent to holders of the redeemed notes and debentures. Payment for the redeemed notes and debentures will include accrued interest to March 1, 1993. On or after March 1, 1993, the redeemed notes and 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- 1/18/93
 /CONTACT: Robert Harper of Pennzoil Co., 713-546-8536/
 (PZL)


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

TS -- NY049 -- 5908 01/18/93 13:14 EST
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Publication:PR Newswire
Date:Jan 18, 1993
Words:265
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