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UNION TEXAS PETROLEUM FILES SECONDARY OFFERING OF COMMON STOCK; FILES REGISTRATION FOR NEW SENIOR NOTES; TO REDEEM PREFERRED STOCK & WARRANTS

UNION TEXAS PETROLEUM FILES SECONDARY OFFERING OF COMMON STOCK; FILES REGISTRATION FOR NEW SENIOR NOTES; TO REDEEM PREFERRED STOCK & WARRANTS
 HOUSTON, Sept. 25 /PRNewswire/ -- Union Texas Petroleum Holdings, Inc. (NYSE: UTH) announced today the filing of a registration statement with the Securities and Exchange Commission for all shares of Union Texas' common stock held by Allied-Signal Inc. Allied-Signal holds approximately 39 percent of Union Texas' common stock.
 The offering will be managed by Goldman, Sachs & Co., The First Boston Corporation, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Salomon Brothers Inc. In the secondary public offering, 30 million shares will be offered concurrently in the United States and internationally. All shares will be sold by Allied-Signal. Allied- Signal has granted the underwriters an option to purchase up to an additional 3.3 million shares to cover over-allotments, if any. To the extent such option is not exercised by the underwriters, Union Texas will purchase up to the 3.3 million shares at the offering price, less underwriters' discount. Upon completion of the offering, Allied-Signal will not own any shares of Union Texas' common stock. Union Texas will not receive any proceeds from the offering.
 Senior Note Filing
 Union Texas also said it has filed a registration statement with the Securities and Exchange Commission for $100 million of senior notes of the company due in the year 1999. The offering will be managed by Goldman, Sachs & Co. Net proceeds from the sale of the notes will be used to reduce the company's floating-rate bank debt.
 Preferred Stock and Warrants To Be Redeemed Next Week
 Union Texas also announced that next week it will redeem all the preferred stock of Union Texas currently held by Allied-Signal for an aggregate redemption price of $200 million, together with accrued dividends to the redemption date, and all the warrants of Union Texas currently held by Allied-Signal and affiliates of Kohlberg Kravis Roberts & Co. for an aggregate redemption price of $300 million. Union Texas will fund the redemptions primarily with borrowings under its new $650 million unsecured credit facility and partially with available cash.
 Copies of the prospectuses relating to the secondary offering and the senior notes may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, N.Y. 10004, attention: Donald T. Hansen.
 Registration statements relating to these securities have been filed with the Securities and Exchange Commission but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 One of the nation's largest independent producers, Houston-based Union Texas Petroleum Holdings, Inc. explores for and produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and other strategic international areas. The company also has petrochemicals interests in the U.S.
 -0- 9/25/92
 /CONTACT: Carol L. Cox of Union Texas Petroleum Holdings, Inc., 713-968-3258/
 (UTH) CO: Union Texas Petroleum Holdings, Inc. ST: Texas IN: OIL SU: OFR


TS -- NY006 -- 3399 09/25/92 08:23 EDT
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Date:Sep 25, 1992
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