Printer Friendly

UNION CARBIDE REPORTS ON RESULTS OF 7.5 PERCENT CONVERTIBLE DEBENTURE REDEMPTION

 DANBURY, Conn., March 17 /PRNewswire/ -- Union Carbide Corporation (NYSE: UK) today announced that $260.5 million of its 7.5 percent convertible subordinated debentures due 2012 had been converted into 16.5 million shares of newly issued common stock and that $84 million of the debentures had been redeemed for cash.
 This increases the company's total equity from year-end 1992 to $1.497 billion and reduces its total debt to $1.214 billion. Total debt as a percentage of total capital has been reduced from 54.3 percent to 44.8 percent.
 Union Carbide announced the call of these debentures on Feb. 24 at a price equal to 103.8 percent of the principal amount of $345 million, plus accrued interest. Bondholders had until the close of business on March 16 to redeem their debentures for cash or to convert them into Union Carbide common stock at a price of $15.79 per share.
 Union Carbide Corporation is a worldwide, basic chemicals company with advanced process technologies and large-scale chemical production facilities. Union Carbide had sales of nearly $5 billion in 1992.
 -0- 3/17/93
 /CONTACT: Tomm F. Sprick of Union Carbide, 203-794-6992/
 (UK)


CO: Union Carbide Corporation ST: Connecticut IN: CHM SU:

PS -- NY021 -- 6913 03/17/93 09:23 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 17, 1993
Words:213
Previous Article:IBM PERSONAL SOFTWARE PRODUCTS DIVISION SUPPORTS MOVE BY UNIX LEADERS TO FORM COMMON OPEN SOFTWARE ENVIRONMENT
Next Article:HARKEN INCREASES RESERVES AND PROSPECTIVE ACREAGE IN PARADOX BASIN
Topics:


Related Articles
UNION CARBIDE TO COMPLETE SPIN-OFF OF PRAXAIR ON JUNE 30
UNION CARBIDE COMPLETES SPIN-OFF OF PRAXAIR
UNION CARBIDE OFFERS $300 MILLION OF DEBT SECURITIES; COMPANY TO REDEEM DEBENTURES DUE 2009
UNION CARBIDE TO REDEEM 8.5 PERCENT DEBENTURES DUE JAN. 15, 2005
UNION CARBIDE REPORTS INCREASE IN THIRD QUARTER INCOME
UNION CARBIDE TO REDEEM 15 PERCENT DEBENTURES DUE 2006
UNION CARBIDE TO CALL 7.5 PERCENT CONVERTIBLE DEBENTURES DUE 2012
UNION CARBIDE COMPLETES $300 MILLION DEBT SECURITIES OFFERING
UNION CARBIDE BOOSTS SHAREHOLDER VALUE DESPITE TOUGH ECONOMIC TIMES, COMPANY CHAIRMAN ROBERT KENNEDY TELLS SHAREHOLDERS AT ANNUAL MEETING
UNION CARBIDE TO CALL 5.30 PERCENT SINKING FUND DEBENTURES DUE 1997

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters