Printer Friendly

UNION TEXAS PETROLEUM SECONDARY OFFERING PRICED AT $18.25 PER SHARE

 UNION TEXAS PETROLEUM SECONDARY OFFERING PRICED AT $18.25 PER SHARE
 HOUSTON, Nov. 11 /PRNewswire/ -- Union Texas Petroleum Holdings, Inc. (NYSE:UTH) announced today the secondary public offering of 30 million shares of the company's common stock at $18.25 per share. All shares are being sold by Allied-Signal Inc. (NYSE: ALD), which holds approximately 39 percent of Union Texas' common stock. Union Texas will not receive any proceeds from the offering. In addition, 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 that the option is not exercised by the underwriters, Union Texas will purchase up to 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.
 The shares are being offered concurrently in the United States and internationally. The offering is being managed by Goldman, Sachs & Co., The First Boston Corporation, Merrill Lynch & Co., and Salomon Brothers Inc. Copies of the offering prospectus may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, attention: Donald T. Hansen.
 One of the nation's largest independent producers, Houston-based Union Texas Petroleum Holdings, Inc. (NYSE: UTH) 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- 11/11/92
 /CONTACT: Carol Cox of Union Texas Petroleum, 713-968-3258/
 (UTH ALD) CO: Union Texas Petroleum Holdings, Inc.; Allied-Signal ST: Texas IN: OIL SU: OFR


TM -- NY099 -- 9944 11/11/92 18:23 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 11, 1992
Words:279
Previous Article:LYLE LOVETT BREAKS ELBOW DURING CONCERT IN PORTLAND; CANCELS LAST SEVEN DATES OF 'JOSHUA JUDGES RUTH' TOUR
Next Article:GOVERNMENT OF MEXICO ANNOUNCES TEMPORARY TARIFFS ON BEEF IMPORTS
Topics:


Related Articles
UNION TEXAS PETROLEUM REPORTS $333 MILLION IN NET INCOME FOR 1991
UNION TEXAS PETROLEUM DECLARES COMMON STOCK DIVIDEND
UNION TEXAS PETROLEUM REPORTS SECOND QUARTER RESULTS
UNION TEXAS PETROLEUM FILES SECONDARY OFFERING OF COMMON STOCK; FILES REGISTRATION FOR NEW SENIOR NOTES; TO REDEEM PREFERRED STOCK & WARRANTS
UNION TEXAS PETROLEUM DECLARES COMMON STOCK DIVIDEND
PARALLEL PETROLEUM ANNOUNCES 20 PERCENT INCREASE IN VOLUME OF PROVED OIL AND GAS RESERVES
UNION TEXAS PETROLEUM DECLARES COMMON STOCK DIVIDEND
UNION TEXAS PETROLEUM INCREASES RESERVE ESTIMATE IN NORTH SEA'S PIPER FIELD BY 9 MILLION BARRELS
UNION TEXAS PETROLEUM ANNOUNCES CLOSING OF SECONDARY OFFERING
Union Texas Petroleum to Operate Enhanced Oil Recovery Project in Azerbaijan

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters