Printer Friendly

PE SELLS $50 MILLION OF PREFERRED STOCK

 PHILADELPHIA, March 16 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) announced today that it has sold 500,000 shares of Philadelphia Electric Company $7.48 Preferred Stock (New Preferred Stock) through Lehman Brothers, Goldman, Sachs & Co., and Merrill Lynch & Co.
 The New Preferred Stock has a liquidation value of $100 per share and an annual dividend rate of $7.48, which results in an annual effective yield of 7.48 percent.
 The record date for the $7.48 New Preferred Stock will be March 30, 1993. The ex-dividend date for the New Preferred Stock will be March 24, 1993. The offering is part of a shelf filing made with the Securities and Exchange Commission on March 5, 1993.
 The first dividend payment date for the New Preferred Stock will be May 1, 1993 and such dividends will be cumulative from the original date of issue.
 The New Preferred Stock is not subject to redemption prior to April 1, 2003, and is not subject to any sinking fund provisions. The company does not intend to apply for listing of the New Preferred Stock on any national securities exchange.
 Additionally, the board of directors approved the call of the $10.75 Stated Rate Auction Preferred Stock, Series A in its entirety with the funds for the redemption to be provided from the proceeds of today's sale of the New Preferred Stock. The redemption date will be April 30, 1993 at a price of $100 per share plus accrued dividends. The redemption is dependent upon the settlement of the $50 million of the New Preferred Stock sold today.
 /delval/
 -0- 3/16/93
 /CONTACT: George Shicora, 215-841-5741, or Bill Jones, 215-841-4129, both of Philadelphia Electric/
 (PE)


CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:

CC -- PH036 -- 6738 03/16/93 16:39 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1993
Words:300
Previous Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, TUESDAY, MARCH 16 /PRN/
Next Article:MISSOURI PACIFIC RAILROAD ISSUES STATEMENT
Topics:


Related Articles
PE ELECTRIC RATES TO DECREASE 7 PERCENT, OR $236 MILLION, IN 1992
PHILADELPHIA ELECTRIC ISSUES ANNOUNCEMENT RELATED TO REDEMPTION OF $15.25 AND $14.625 PREFERRED STOCK
PHILADELPHIA ELECTRIC SELLS $140 MILLION OF PREFERRED STOCK
PE TO CALL TWO PREFERRED STOCK ISSUES
DUKE POWER CO. TO REDEEM PREFERRED SERIES K
DUFF & PHELPS RATES PHILADELPHIA ELECTRIC COMPANY $50 MILLION PREFERRED STOCK 'BBB-'
PE CALLS PREFERRED STOCK ISSUES
PE TO CALL FIVE MORTGAGE BOND ISSUES
PECO ENERGY CO. MONTHLY INCOME PREFERRED RATED 'BBB+' BY FITCH FITCH FINANCIAL WIRE
DCR UPGRADES PACIFIC ENTERPRISES AND SUBSIDIARY SOUTHERN CALIFORNIA GAS COMPANY

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters