Unocal subsidiary, Union Oil Company of California, has begun offers to purchase $US300 million o...
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The debt securities include all of Union Oil's 7.20% notes due 2005 ($US200 million) and all of its 6.50% notes due 2008 ($US100 million). Each offer is open October 14, 2003, unless extended by Union Oil.
Union Oil said the offers are part of a corporate strategy announced in June to reduce Unocal's overall debt obligations. The company expects to reduce total debt and other financings to around $US2.9 billion by year-end 2003.
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