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COASTAL BOARD APPROVES PREFERRED STOCK OFFERING

 HOUSTON, Feb. 5 /PRNewswire/ -- The Coastal Corporation (NYSE: CGP) announced today that its board of directors has authorized the public offering of up to $200 million in cumulative preferred stock.
 Subject to acceptable market conditions, the preferred stock will be offered for sale as soon as the appropriate Securities and Exchange Commission filings have been made and become effective.
 "This preferred issue will provide cash for the retirement of high cost debt," said James R. Paul, president and chief executive officer, "and will increase Coastal's equity base as we continue to strengthen the company's capitalization structure."
 Underwriter for this issue will be determined at a later date.
 The Coastal Corporation is a Houston-based energy holding company. Coastal has consolidated assets of more than $10 billion and subsidiary operations in natural gas marketing, transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 -0- 2/5/93
 /CONTACT: Dave Scott, 713-877-3839, or Steve Eames, 713-877-6733, both of Coastal Corporation/
 (CGP)


CO: Coastal Corporation ST: Texas IN: OIL SU: OFR

SH-WB -- NY014 -- 3455 02/05/93 10:33 EST
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Publication:PR Newswire
Date:Feb 5, 1993
Words:186
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