Chevron Press Release - Chevron To Retire Debentures
SAN FRANCISCO, May 18, 1998 -- Chevron Corp. today announced that on July 15, 1998, it will retire all of the remaining outstanding 9 3/4 percent Chevron Capital U.S.A. Inc. Guaranteed Debentures Due 2017. As of the current date, $37,500,000 of these debentures are outstanding. The bonds will be retired at a price of 100.00 percent of the principal amount (plus accrued and unpaid interest to the redemption date), in accordance with the sinking fund provisions contained in the Bond Prospectus. A Notice of Redemption is being sent to bondholders by The Chase Manhattan Bank, as Indenture Trustee.
This action will allow Chevron to replace these bonds with lower interest rate debt.
Updated: May 1998