GPU sells four million shares of common stock.PARSIPPANY, N.J.--(BUSINESS WIRE)--Dec. 15, 1995--General Public Utilities Corporation (NYSE NYSE See: New York Stock Exchange : GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. ) today sold four million shares of common stock under a purchase agreement with a group of underwriters, resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $127,900,000. "This common stock issue will provide funding for our growing independent power and international business while also strengthening the capital structure of our Pennsylvania and New Jersey electric utilities. We are confident that it will provide the base for continued earnings growth," said James R. Leva, GPU chairman, president and chief executive officer. The underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. , led by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co. Incorporated, together with Goldman, Sachs & Co. and Dean Witter Reynolds Dean Witter Reynolds was an American stock brokerage catering to the middle class. In 1997, it merged with the Morgan Stanley Group to form Morgan Stanley Dean Witter. The amalgamated firm is now known as Morgan Stanley. Inc., have purchased the four million shares at a price of 32 7/8 per share, or an aggregate purchase price of $131,500,000. GPU will pay the underwriters a commission of $0.90 per share. GPU is a registered electric utility holding company. Its three operating utility subsidiaries -- Jersey Central Power & Light Company, Pennsylvania Electric Company and Metropolitan Edison Company -- provide electric service to more than 1.9 million customers in a service territory encompassing about half the land area of Pennsylvania and New Jersey. GPU's non-utility subsidiaries, comprising the Energy Initiatives Group, operate and invest in domestic and international energy supply facilities. CONTACT: General Public Utilities, Parsippany Lorraine Pelter, 201/263-6243 |
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