LOS ANGELES, April 25, 2000 (PRIMEZONE) -- Occidental Petroleum Corporation said today that it will call for redemption on June 1, 2000, all of its outstanding 11-1/8% Senior Debentures due June 1, 2019, at a redemption price of 100% of the principal amount thereof. The outstanding aggregate principal amount is $75 million for Debentures issued on May 15, 1989.
Payment of the redemption price for the Debentures will be made on or after June 1, 2000, upon delivery of the Debentures to The Chase Manhattan Bank, c/o Chase Bank of Texas, N.A., 1201 Main Street, 18th Floor, Dallas, Texas 75202, as paying agent. Accrued interest thereon from the last interest installment paid on December 1, 1999, to June 1, 2000, will be made separately by mail at the direction of the Paying Agent. The accrued interest, on the $75 million Debentures to be redeemed, is $4,171,875.
Notice of the redemption and instructions for delivery of the Debentures will be mailed shortly to the registered holders.