GULF STATES UTILITIES CALLS FOR REDEMPTION OF SHARES
GULF STATES UTILITIES CALLS FOR REDEMPTION OF SHARES BEAUMONT, Texas, Oct. 26 /PRNewswire/ -- Gulf States Utilities Co.
(NYSE: GSU) will call for the redemption of 63,323 shares of three different series of $100 par value preferred stock on Dec. 15, 1992.
The affected series are the $8.80, $9.75 and $11.48 dividend preferred stock. The shares will be called at par and will be used to satisfy the Dec. 15, 1992, annual sinking fund requirements. Shares will be selected by lot from shareholders of record as of Nov. 4, 1992. The company will exercise an optional "double up" of the $8.80 and $11.48 series. The redemption of 22,312 shares of $8.80 preferred stock will reduce the outstanding shares to 260,275 and the redemption 40,000 shares of the $11.48 series will leave 340,000 shares outstanding. A total of 1,011 shares of the $9.75 series is being redeemed, leaving a balance of 24,598 shares outstanding. The redemptions are expected to save the company about $665,000 in annual dividends. The quarterly dividend will also be paid on Dec. 15 to preferred shareholders of record on Nov. 4, 1992. Gulf States is an electric utility that serves more than 586,000 electric customers along the Gulf Coast between Houston and New Orleans. -0- 10/26/92 CONTACT: Susan Gilley of Gulf States Utilities Co., 409-839-2846/ (GSU) CO: Gulf States Utilities Co. ST: Texas IN: UTI SU:
LD -- NY116 -- 5048 10/26/92 17:16 EST
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|Date:||Oct 26, 1992|
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