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PANHANDLE EASTERN CORPORATION ANNOUNCES PLANS FOR COMMON STOCK OFFERING

 HOUSTON, April 28 /PRNewswire/ -- Panhandle Eastern Corporation (NYSE: PEL) today announced that it plans to file a registration statement on or about May 3 with the Securities and Exchange Commission authorizing the issuance of up to 10 million shares of common stock.
 The proceeds of the offering will be used to repay high coupon debt and to improve the company's financial flexibility to pursue the many opportunities available in the new industry environment.
 The company currently intends to complete the offering in the second or third quarter, depending on market conditions. The offering will be made only by means of a prospectus.
 Panhandle Eastern Corporation operates one of the nation's largest interstate natural gas pipeline systems, providing natural gas transportation and related services to the Midwest and Northeast markets.
 -0- 4/28/93
 /CONTACT: John P. Barnett (media), 713-627-4072, or Brad Porlier (investors), 713-627-4600, or 800-347-3636, both of Panhandle Eastern Corporation/
 (PEL)


CO: Panhandle Eastern Corporation ST: Texas IN: OIL SU: OFR

SH -- NY087 -- 2139 04/28/93 14:29 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:171
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