PENNWALT <PSM> BUYS ITS PREFERRED FROM ANSCHUTZ
Pennwalt Corp said it bought all
outstanding shares of its third series cumulative convertible
preferred stock from <Anschutz Corp>.
    According to a standstill agreement reached in 1985,
Pennwalt said Anschutz received a 6.25 pct unsecured promissory
note in the face amount of 138.9 mln dlrs for the 28,054
preferred shares it held.
    The company said 50 pct of the note, due August three, will
be paid with the proceeds from its common stock offering
earlier this month. The remainder of the note will be paid from
borrowings under existing credit facilities, it said.
 Reuter
