GPU sells one million shares of common stock.PARSIPPANY, N.J.--(BUSINESS WIRE)--June 8, 1995--General Public Utilities Corp. (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. ) said today that it sold one million shares of common stock to Goldman Gold·man , Emma 1869-1940. Russian-born American anarchist. Jailed repeatedly for her advocacy of birth control and opposition to military conscription, she was deported to the Soviet Union in 1919. , Sachs Sachs , Hans 1494-1576. German writer and Meistersinger noted for his many dramas, poems, and songs. His life inspired Wagner's opera Die Meistersinger von Nürnberg (1868). & Co. in a block transaction. The new issue is part of a previously approved shelf registration of five million shares. The proceeds from the stock offering will be used to make equity contributions to the GPU subsidiaries and reduce GPU's short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. . GPU deferred the planned five million share offering earlier this year when the Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York Supreme Court agreed to hear Metropolitan Edison Company's appeal of a lower court ruling that disallowed the recovery from customers of retirement costs associated with Three Mile Island Unit 2. The recovery of those costs had been granted by the Pennsylvania Public Utility Commission. As a result of this lower court ruling, Met-Ed and Pennsylvania Electric, subsidiaries of GPU, took a charge to earnings of $105 million (after tax) in the second quarter of 1994. Although the case has been argued before the Pennsylvania Supreme Court, neither the timing of the Court's decision nor the outcome can be predicted. James R. Leva, GPU chairman, president and chief executive officer, said, "Our current financing plan calls for us to wait for the Pennsylvania Supreme Court ruling before we decide whether to issue the remaining four million shares. "We may, however, issue up to an additional one million shares before the court ruling if market conditions and our equity capital needs justify doing so," Leva said. CONTACT: General Public Utilities Corp. John T. Fidler, 201/263-6479 or 201/328-8494 (home) |
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