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GULF STATES UTILITIES CO. ANNOUNCES SALE OF FIRST MORTGAGE BONDS

 BEAUMONT, Texas, Aug. 4 /PRNewswire/ -- Gulf States Utilities Co. today closed the sale of $290 million of first mortgage bonds. The sale, separated into two maturities, was handled by Goldman, Sachs & Co.; Kidder, Peabody & Co. Inc.; Merrill Lynch & Co.; J.P. Morgan Securities Inc.; and Prudential Securities Inc.
 The $170 million in 8-year bonds will mature in 2001 and bear a 6.41 percent interest rate, while $120 million in 12-year bonds will mature in 2005 and have a 6.77 percent interest rate.
 GSU expects to use the proceeds, together with funds from other sources, to redeem $290 million of outstanding first mortgage bonds with interest rates ranging from 8.625 percent to 7.5 percent on Sept. 3. The company will save about $5 million annually in interest costs as a result of these actions, a company official estimated.
 GSU is a Beaumont, Texas-based utility serving more than 592,000 customers along the Gulf Coast between Houston and New Orleans.
 -0- 8/4/93
 /CONTACT: Sharon Englade of Gulf States Utilities Co., 409-839-2814/
 (GSU)


CO: Gulf States Utilities Co. ST: Texas IN: OIL SU:

MP -- NY057 -- 9387 08/04/93 12:37 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
Words:195
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