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PEI ANNOUNCES PUBLIC OFFERING OF 800,000 SHARES OF COMMON STOCK

 PEI ANNOUNCES PUBLIC OFFERING OF 800,000 SHARES OF COMMON STOCK
 WILKES-BARRE, Pa., Jan. 23 /PRNewswire/ -- Pennsylvania Enterprises, Inc. (NASDAQ: PENT) (PEI) announced a public offering of 800,000 shares of common stock at a price of $23.75 per share.
 The offering is being underwritten by Wheat First Butcher & Singer Capital Markets and Legg Mason Wood Walker Incorporated. In addition, the company has granted the underwriters an option to purchase up to 72,935 shares to cover any over-allotments.
 The shares to be sold in the public offering, if the over-allotment option is exercised in full, constitute all of the shares that were not subscribed for in the previously announced rights offering to the company's shareholders, which expired on Jan. 22, 1992. The company's shareholders subscribed for 497,912 shares in the rights offering at $21 per share. Both offerings are expected to be consummated on Jan. 30, 1992.
 The net proceeds from the rights offering and the public offering, totalling approximately $26.5 million or $28.1 million if the over- allotment option is exercised in full, will be used to repay an intercompany advance from Pennsylvania Gas and Water Company (PG&W), the company's principal subsidiary, and to repay debt of the company and PG&W.
 The company, through PG&W, is engaged in the distribution of natural gas and water in northeastern Pennsylvania.
 This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any 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- 1/23/92
 /CONTACT: Tom Ward of Pennsylvania Enterprises, 717-829-8812, or, evenings, 717-829-8734, or, 717-829-8737/
 (PENT) CO: Pennsylvania Enterprises, Inc. ST: Pennsylvania IN: UTI SU: OFR


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Publication:PR Newswire
Date:Jan 23, 1992
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