Printer Friendly

GULF STATES UTILITIES CO. COMPLETES NEGOTIATIONS FOR PUBLIC OFFERING

 BEAUMONT, Texas, May 27 /PRNewswire/ -- Gulf States Utilities Co. has completed negotiations for the public offering of 6 million shares ($150 million aggregate stated value) of its $1.75 dividend preference stock. The new preference stock is being offered by Goldman Sachs & Co.; Kidder, Peabody & Co.; Merrill Lynch & Co.; and Prudential Securities Inc. as managing underwriters.
 The underwriters are offering the new preference stock to the public at a price of $25 per share, to yield 7 percent.
 Proceeds from the sale, together with funds from other sources, will be used in July to redeem about 1.4 million shares of outstanding preferred stock with dividends ranging from 12.92 percent to 11.48 percent. Gulf States will save more than $6 million per year in dividend payments with the new stock, a company official estimated.
 GSU is a Beaumont, Texas-based utility serving more than 591,000 customers along the Gulf Coast between Houston and New Orleans.
 -0- 5/27/93
 /CONTACT: Sharon Englade for Gulf States Utilities Company, 409-839-2814/
 (GSU)


CO: Gulf States Utilities Co. ST: Texas IN: UTI SU: OFR

LR -- NY062 -- 2971 05/27/93 12:54 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 27, 1993
Words:191
Previous Article:ONE MILLION INITIAL COMMON SHARES OF CDW COMPUTER CENTERS, INC. OFFERED AT $12.50 PER SHARE
Next Article:GENERAL INSTRUMENT TO INCREASE SIZE OF CONVERTIBLE DEBT OFFERING FROM $300 MILLION TO $450 MILLION
Topics:


Related Articles
GULF STATES UTILITIES COMPLETES NEGOTIATIONS FOR PUBLIC OFFERING
GULF STATES UTILITIES ANNOUNCES USE OF BONDS FOR DIVIDEND ARREARAGES
GULF STATES CLOSES SALE ON BONDS
GULF STATES UTILITIES CALLS FOR REDEMPTION OF SHARES
GULF STATES UTILITIES COMPANY DECLARES PREFERRED STOCK DIVIDENDS
GULF STATES UTILITIES COMPLETES NEGOTIATIONS FOR PUBLIC OFFERING
GULF STATES UTILITIES CLOSES SALE OF BONDS
GULF STATES UTILITIES COMPANY ANNOUNCES DIVIDEND
GULF STATES UTILITIES CO. ANNOUNCES SALE OF FIRST MORTGAGE BONDS
GULF STATES UTILITIES CO. DECLARES DIVIDENDS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters