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LOUISVILLE GAS & ELECTRIC TO SELL $50 MILLION OF AUCTION SERIES A PREFERRED STOCK TO UNDERWRITERS

 LOUISVILLE GAS & ELECTRIC TO SELL $50 MILLION
 OF AUCTION SERIES A PREFERRED STOCK TO UNDERWRITERS
 LOUISVILLE, Ky., Feb. 4 /PRNewswire/ -- Louisville Gas and Electric Company (LG&E) today announced that it has agreed to sell to underwriters $50 million of Preferred Stock, Auction Series A (without par value). The stock has a stated value of $100 per share and will be sold in $100,000 units, each consisting of 1,000 shares.
 The initial dividend rate will be 3.30 percent, with dividends payable on April 15, 1992. After the initial dividend period, a new dividend rate will be set by an auction process. The underwriters for this offering are Goldman, Sachs & Company and Morgan Stanley & Co. Incorporated.
 The company expects to use the net proceeds to redeem its outstanding $9.54 Series, Cumulative Preferred Stock and $8.72 Series, Cumulative Preferred Stock. Because the prevailing rates on auction rate preferred stock are substantially lower than these outstanding issues, this transaction should produce significant cost savings to the company.
 -0- 2/4/92
 /CONTACT: Trish Burke, Corporate Communications, Louisville Gas and Electric Company, 502-627-2501/
 (LGE) CO: Louisville Gas & Electric Company ST: Kentucky IN: UTI SU:


JZ -- CH007 -- 6815 02/04/92 15:26 EST
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Publication:PR Newswire
Date:Feb 4, 1992
Words:204
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