MIDWEST RESOURCES FILES REGISTRATION STATEMENT
MIDWEST RESOURCES FILES REGISTRATION STATEMENT DES MOINES, Iowa, Nov. 13 /PRNewswire/ -- Midwest Resources Inc.
(NYSE: MWR) today filed a registration statement with the Securities and Exchange Commission (SEC) for an offering of the company's common stock. Its public utility subsidiaries, Iowa Power Inc. and Iowa Public Service Co., today filed registration statements with the SEC for offerings of $125 million and $75 million of first mortgage bonds, respectively.
Midwest Resources is registering 3,750,000 shares of its common stock under the Securities Act of 1933. Up to 2,875,000 shares will be offered in an underwritten public offering during the fourth quarter of this year. This offering of common stock will be co-managed by Merrill Lynch & Co. and Piper Jaffray & Hopwood Inc. Iowa Power and Iowa Public Service plan to issue and sell in underwritten public offerings first mortgage bonds registered under the Securities Act of 1933, also during the fourth quarter. Iowa Power plans to issue up to $50 million of bonds and Iowa Public Service will issue up to $75 million of bonds. The offerings of bonds will be managed by Lehman Brothers. Proceeds from the sales of the common stock and bonds will be used to retire short-term debt incurred by the utilities to finance temporarily their construction programs and to refinance some of their higher cost debt. The offerings of common stock and bonds will be made only by prospectuses. Midwest Resources is a utility holding company headquartered in Des Moines. The utility operations of Midwest Resources serve 411,000 electric customers in Iowa and South Dakota. Gas service is provided to 357,000 customers in Iowa, Minnesota, Nebraska and South Dakota. The non-utility operations of Midwest Resources are conducted through Midwest Capital Group Inc. The registration statements relating to these securities have been filed with the SEC, but they have not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities. There shall be no sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. -0- 11/13/91 /CONTACT: J. Sue Rozema of Midwest Resources, 515-281-2250/ (MWR) CO: Midwest Resources Inc.; Iowa Power Inc.; Iowa Public Service Co. ST: Iowa IN: UTI SU: OFR BB -- DV005 -- 4148 11/13/91 17:27 EST
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|Date:||Nov 13, 1991|
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