OGDEN CORP <OG> SETS SALE OF DEBENTURES
Ogden Corp said it has concluded the
sale outside the United States through <Salomon Bros
International Inc> and <Allen and Co Inc> of 85 mln dlrs of its
six pct convertible subordinated debentures maturing in 2002.
    The company said the debentures are convertible into Ogden
common stock at 79.75 dlrs per share without giving effect to
the 2-for-1 stock split distributable on July three.
    A portion of the proceeds will be used to redeem the 50 mln
dlrs of outstanding senior subordinated debt which currently
bears interest at a rate of about eight pct, the company said.
   
    The balance of the proceeds is expected to be used in the
financing of projects and general corporate purposes, the
company said.
    Ogden also said the potential conversion of the debentures
will not adversely affect its current earnings and cash flow
expectations.
    The debentures have not been, and will not be, registered
under the U.S. Securities Act of 1933 and may not be offered or
sold in the U.S. or to a citizen of resident of the U.S., the
company said.
 Reuter
