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FIRST BOSTON AND ASSOCIATES ANNOUNCES PUBLIC OFFERING OF PSE&G BONDS

   FIRST BOSTON AND ASSOCIATES ANNOUNCES PUBLIC OFFERING OF PSE&G BONDS
    NEW YORK, Feb. 20 /PRNewswire/ -- The First Boston Corporation and associates announced today the public offering of $150 million of Public Service Electric and Gas Company, first and refunding mortgage bonds, 8-3/4 percent series HH due Feb. 1, 2022 at 99.75 percent of their principal amount, plus accrued interest from Feb. 1, 1992, to yield 8.77 percent.
    Associated with The First Boston Corporation in the bid are: Citicorp Securities Markets, Inc.; Morgan Stanley & Co. Incorporated; A.G. Edwards & Sons, Inc.; UBS Securities Inc.; Wertheim Schroder & Co. Incorporated; Yamaichi International (America), Inc.; Tucker Anthony Incorporated; and Pryor, McClendon, Counts, & Co. Inc.  The underwriters were awarded the issue on their bid of 8.8195 percent cost of funds to the company.
    The Bonds are non-callable prior to Feb. 1, 1997.  The bonds are redeemable on and after Feb. 1, 1997 at prices beginning at 107.04 percent declining to par on and after Feb. 1, 2021.
    The net proceeds from the Bonds will be used to refund high coupon debt and provide for general corporate purposes.
    Public Service Electric and Gas Company is an operating public utility company, providing electric and gas service in areas of New Jersey in which about 70 percent of the state's population resides.  The company is the principal subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG).  The company's service area is a corridor of approximately 2,600 square miles running diagonally across the State of New Jersey.  The territory is heavily populated and included New Jersey's six largest cities and many residential communities as well as commercial and industrial areas.
    -0-         2/20/92
    /CONTACT:  Joseph D. Fashano, vice president of First Boston, 212-909-2107/
    (PEG) CO:  Public Service Electric and Gas Co. ST:  New Jersey, Pennsylvania IN:  UTI SU:  OFR SH -- NY037 -- 0897 02/20/92 11:59 EST
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Publication:PR Newswire
Date:Feb 20, 1992
Words:317
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