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MADISON GAS AND ELECTRIC COMPANY ANNOUNCES OFFERING

 MADISON GAS AND COMPANY ANNOUNCES OFFERING
 MADISON, Wis., April 14 /PRNewswire/ -- Madison Gas and Electric


Company announced today the public offering of $40 million of its 8 1/2 percent first mortgage bonds, 2022 Series due April 15, 2022, priced at 99.245 percent of their principal amount to yield 8.57 percent. The First Boston Corporation and Bear, Stearns & Co. Inc. are the underwriters offering the bonds.
 The bonds will not be redeemable prior to April 15, 2002. Thereafter, the bonds will be redeemable at option of the company in whole or in part at redemption prices beginning at 104.25% of the principal amount declining to par on and after April 15, 2012.
 Net proceeds to the company will be used, subject to market conditions, primarily to redeem or repurchase or pay at maturity outstanding first mortgage bonds. In addition, a portion of the proceeds may be utilized to replace short term borrowings.
 The company, an investor-owned public utility located in Madison, Wis., is engaged in generating and transmitting electric energy and distributing it to 114,000 customers throughout 250 square miles in Dane County and also distributes and transports natural gas to 90,000 customers throughout 962 square miles in Dane, Columbia and Iowa counties.
 -0- 4/14/92
 /CONTACT: Joseph D. Fashano, vice president of First Boston, 212-909-2107/
 (MDSN) CO: Madison Gas and Electric Company; First Boston Corporation ST: Wisconsin IN: UTI SU: OFR


KD -- NY086 -- 8364 04/14/92 17:05 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
Words:247
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