United Gas, Inc. Deal - Lehman Brothers Collection
United Gas, Inc.
|Company Deal||Pennzoil United, Inc., 4,056,714 shares of United common stock ($5 par value); 8,000,000 6 1/2% sinking fund debentures due December 31, 1979; $62,000,000 first mortgage bonds 6 1/2% series due December 31, 1989|
|Transaction Type||Debentures / First Mortgage Bonds / Common Stock|
|Deal Description||In this deal, Pennzoil United, Inc., transferred its distribution division to United Gas, Inc., in exchange for common stock and debt securities. Pennzoil was ordered to dispose of its retail gas distribution properties in connection with a consolidation of Pennzoil Company and United Gas Corporation. The consolidation resulted in the formation of Pennzoil United, Inc.|
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