SFP HOLDINGS TO MAKE QUARTERLY INTEREST PAYMENT
SFP HOLDINGS TO MAKE QUARTERLY INTEREST PAYMENT LOS ANGELES, Oct. 21 /PRNewswire/ -- SFP Pipeline Holdings Inc.
(NYSE: SFLH) will make a quarterly interest payment of approximately $26.047 per $1,000 face amount of its variable rate exchangeable debentures due 2010. The interest will be paid on Nov. 13 to debenture holders of record as of Oct. 30. Based on the $1,000 face amount of the debentures, the annualized interest rate associated with the payment is 10.42 percent. Based on the current market price, the yield is 8.58 percent.
Irvin Toole Jr., chairman, president and chief executive officer of SFP Pipline Holdings Inc., stated that the interest payment is equal to the third quarter cash distribution of $.70 per unit on the common units of Santa Fe Pacific Partners L.P. (the "partnership") for which each debenture is exchangeable. Each $1,000 face amount of debentures is exchangeable under certain circumstances for approximately 37.2093 partnership units. SFP Pipeline Holdings Inc., a subsidiary of Santa Fe Pacific Corp., owns all of the capital stock of Santa Fe Pacific Pipelines Inc., the general partner of the partnership (the "general partner"). The general partner presently owns 8,148,148 common units representing a 42 percent limited partner interest in the partnership and also owns a 2 percent general partner interest. The partnership's preference units, which are traded on the New York Stock Exchange under the symbol "SFL," represent the remaining 56 percent limited partner interest in the partnership. -0- 10/21/92 /CONTACT: Thomas L. Lambert, manager-investor relations of SFP Pipeline Holdings, 213-486-7766, or (fax) 213-486-7940/ (SFLH) CO: SFP Pipeline Holdings Inc. ST: California IN: OIL SU:
BP-KJ -- LA012 -- 2915 10/21/92 12:50 EDT
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|Date:||Oct 21, 1992|
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