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PEI COMPLETES $30 MILLION SENIOR NOTES OFFERING

 PEI COMPLETES $30 MILLION SENIOR NOTES OFFERING
 WILKES-BARRE, Pa., June 18 /PRNewswire/ -- Pennsylvania Enterprises,


Inc. (PEI) (NASDAQ: PENT) announced the successful completion of its offering of $30 million of 10.125 percent Senior Notes due June 15, 1999.
 Proceeds of the offering, which was underwritten by Legg Mason Wood Walker Incorporated and Wheat First Butcher & Singer Capital Markets, were approximately $28.2 million.
 The net proceeds will be used to repay debt of the company and Pennsylvania Gas and Water Company (PG&W), PEI's principal subsidiary, and for working capital purposes. PG&W is engaged in the distribution of natural gas and water in northeastern Pennsylvania.
 Dean Casaday, president and chief executive officer of PEI, stated, "The successful completion of this offering marks the latest milestone in a series of financings that we are undertaking. The culmination of these financings will provide the company with more permanent capitalization, a stronger financial profile, and the ability to continue with PG&W's water quality improvement program."
 The company's next planned financing is an offering of up to $25 million PG&W preferred stock. The company said it shortly intends to file a registration statement for this offering with the Securities and Exchange Commission.
 This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the PG&W preferred stock 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- 6/18/92
 /CONTACT: Juneann Greco of Pennsylvania Enterprises, 717-829-8825/ CO: Pennsylvania Enterprises, Inc.; Pennsylvania Gas and Water Company ST: Pennsylvania IN: UTI SU: OFR


MK-MP -- PH006 -- 1427 06/18/92 10:34 EDT
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Publication:PR Newswire
Date:Jun 18, 1992
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