SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) September 11, 1996
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UNOCAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-8483 95-3825062
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(Commission File Number) (I.R.S. Employer Identification No.)
2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245
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(Address of Principal Executive Offices) (Zip Code)
(310) 726-7600
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(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events
On September 11, 1996, the following news release was issued:
Unocal Completes Exchange Offer; Calls Remaining
Outstanding $3.50 Convertible Preferred Stock
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El Segundo, Calif., Sept. 11, 1996 -- Unocal Corporation today
announced the completion of its offer to exchange new, 6-1/4% Trust Convertible
Preferred Securities of Unocal Capital Trust for shares of the company's $3.50
Convertible Preferred Stock. In addition, Unocal said it will redeem the
remaining outstanding $3.50 Convertible Preferred Stock that was not tendered in
the exchange offer.
Unocal said that 10,437,873 of the 6-1/4% Trust Convertible Preferred
Securities, which have an aggregate liquidation value of nearly $522 million,
were exchanged for 9,352,962 shares of the $3.50 Convertible Preferred Stock.
Unocal said it is calling for redemption the remaining 897,038 shares
of the $3.50 Convertible Preferred Stock. These shares will be redeemed on Oct.
11, 1996, for a cash payment of $52.936 per share (includes an amount equal to
the accumulated dividend from July 15, 1996, through Oct. 10, 1996), unless the
holder converts the preferred shares into Unocal common stock prior to the close
of business on Oct. 11, 1996.
Each share of $3.50 Convertible Preferred Stock is convertible into
1.626 shares of Unocal common stock.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNOCAL CORPORATION
(Registrant)
Date: September 11, 1996 By: /s/ STANLEY Y. HANAOKA
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Stanley Y. Hanaoka
Assistant Comptroller
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