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BALTIMORE GAS AND ELECTRIC COMPANY SELLS $40 MILLION OF 6.70 PERCENT CUMULATIVE PREFERENCE STOCK

 BALTIMORE, Oct. 7 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) sold 400,000 shares of 6.70 percent Cumulative Preference Stock, 1993 Series ($100 par value) to an underwriting group led by Lehman Brothers, the company's Chairman of the Board Christian H. Poindexter said today.
 The new preference stock is not subject to redemption prior to Jan. 1, 2004. Thereafter, it may be redeemed in whole or in part at any time at the option of the company. The new preference stock is not entitled to any sinking fund.
 The net proceeds from the financing will be used to redeem all 400,000 shares outstanding of the 7.75 percent Cumulative Preference Stock, 1972 Series ($100 par value). It is expected that this refunding will result in an annual dividend savings of approximately $400,000.
 -0- 10/7/93
 /CONTACT: Arthur J. Slusark of Baltimore Gas and Electric, 410-234-7433/
 (BGE)


CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU:

MK -- PH036 -- 9861 10/07/93 15:50 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:171
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