UNOCAL <UCL> UNIT OFFERS 450 MLN DLRS OF NOTES
Unocal Corp said its Union Oil Co
of California unit is making a public offering of 450 mln dlrs
of long-term notes.
    It said the issues consist of 150 mln dlrs of non-callable
notes due April 1, 1994, which are priced at par with a coupon
rate of 8-1/2 pct and a 300 mln dlr issue of notes due April 1,
1997, with a coupon rate of 8-3/4 pct and priced at 99.447 to
yield 8.83 pct.
    The 300 mln dlr issue is callable at par after seven years,
the company said.
    It also said the issues are being drawn from Unocal's shelf
registration statement filed in December 1985.
    Merrill Lynch Capital Markets and Shearson Lehman Brothers
Inc are lead underwriters, Unocal said.
    It said proceeds will be used to pre-pay a portion of its
existing floating rate bank debt, thereby extending the
maturity of the company's overall debt structure.
 Reuter
