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PEI COMPLETES COMMON STOCK OFFERING

 WILKES-BARRE, Pa., Oct. 20 /PRNewswire/ -- Pennsylvania Enterprises, Inc. (NASDAQ: PENT) (PEI) announced today the successful completion of a public offering of 1,250,000 shares of its common stock.
 This amount included the exercise by the underwriters of their over- allotment option to purchase 150,000 shares. Net proceeds were approximately $31.9 million. Wheat First Butcher & Singer Capital Markets and Legg Mason Wood Walker Incorporated were the underwriters of the offering.
 The net proceeds from the offering will be used to repay debt of Pennsylvania Gas and Water Company (PG&W), PEI's principal subsidiary.
 Dean Casaday, president and chief executive officer of PEI, stated, "This successful common stock offering is a fundamental step in strengthening the company's financial profile. It will help ensure that the financial resources are available to support the company's growing gas business and water system improvement program."
 PEI, through PG&W, is engaged in the distribution of natural gas and water in northeastern Pennsylvania.
 -0- 10/20/93
 /CONTACT: Juneann Greco of Pennsylvania Enterprises, 717-829-8825, or 717-829-8734/


CO: Pennsylvania Enterprises, Inc. ST: Pennsylvania IN: UTI SU: OFR

LJ-JM -- PH028 -- 4670 10/20/93 14:42 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
Words:191
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