Amadeusz Juskowiak

Occidental oxy unit to redeem debentures

Occidental Petroleum Corp said its MidCon Corp subsidiary will redeem on March 31 all 269000 dlrs of its outstanding 1014 pct convertible subordinated debentures due 2009 at 10718 pct of par

It said interest payable March 31 will be paid in the usual manner to holders of record on March 15 The debentures convert to common stock at 14168319 dlrs per share or 7058 shares per 1000 dlrs principal amount through March 31 Holders converting through March 17 will be entitled to receive Occidentals regular quarterly dividend of 6212 cts per share on common stock that is payable April 15

The company said any holders surrendering debentures for conversion after March 15 other than those surrendering for conversion on March 31 will be required to pay to the conversion agent an amount equal to the interest paytable on the debentures on March 31