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BROOKLYN UNION GAS CALLS PREFERRED STOCK FOR REDEMPTION

 BROOKLYN UNION GAS CALLS PREFERRED STOCK FOR REDEMPTION
 BROOKLYN, N.Y., Feb. 26 /PRNewswire/ -- The board of directors of


Brooklyn Union Gas Company (NYSE: BU) approved today the redemption of the 8.60 percent cumulative preferred stock Series C, par value $100; 8.92 percent cumulative preferred stock Series D, par value $100; and $2.47 cumulative preferred stock Series I, par value $25, at the optional prices of $103.92, $103.59, and $26.81, respectively, plus an amount equal to the dividend accrued and unpaid thereon to the redemption date of April 1, 1992.
 The paying and redemption agent for the preferred stock will be First Chicago Trust Company of New York, Redemption Agent, 30 West Broadway, New York, NY 10007. Funds will be available on the redemption date, April 1, 1992.
 Craig G. Matthews, executive vice president and chief financial officer, said, "The redemption of these high dividend rate preferred series will enhance the company's financial position and give the company greater flexibility in managing its capitalization while reducing customers' gas bills."
 Brooklyn Union Gas distributes natural gas in the boroughs of Brooklyn, Staten Island, and two-thirds of Queens, a territory of 187 square miles with a population of 4,000,000. Through subsidiary and affiliate companies it is involved in oil and gas exploration and marketing, propane distribution and cogeneration projects.
 -0- 2/26/92
 /CONTACT: Norma Y. Rodriguez of Brooklyn Union Gas, 718-403-3382/
 (BU) CO: Brooklyn Union Gas Company ST: New York IN: UTI SU:


GK-TS -- NY019 -- 2759 02/26/92 11:23 EST
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Publication:PR Newswire
Date:Feb 26, 1992
Words:259
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