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PG&W COMPLETES $25 MILLION PREFERRED STOCK OFFERING

 PG&W COMPLETES $25 MILLION PREFERRED STOCK OFFERING
 WILKES-BARRE, Pa., Aug. 18 /PRNewswire/ -- Pennsylvania Gas and


Water Company (PG&W) announced the successful completion of its offering of $25 million of Depositary Preferred shares (NASDAQ: PGWCZ), each representing a 1/4th interest in a share of PG&W 9 percent Cumulative Preferred Stock.
 Net proceeds of the offering, which was underwritten by Legg Mason Wood Walker Incorporated and Wheat First Butcher & Singer Capital Markets were approximately $23.6 million.
 The net proceeds will be used to repay debt of the company and for working capital purposes. The repayment of debt will result in the company having more funds available for future reborrowing which it expects to use for capital expenditures and other working capital needs, including its water filter plant construction program. PG&W is engaged in the distribution of natural gas and water in northeastern Pennsylvania, and is the principal subsidiary of Pennsylvania Enterprises, Inc. (PEI) (NASDAQ: PENT).
 Dean Casaday, president and chief executive officer of PG&W, stated, "We are very pleased with the positive reception the financial markets have given our recent financings which have enabled us to strengthen our financial profile and proceed with our construction programs. We recently completed our sixth new water filter plant and we are progressing well with the final two plants, scheduled for completion next year."
 The company's next planned financing is the offering of up to $50 million in tax exempt bonds to be issued by the Luzerne County Industrial Development Authority for the benefit of the company. The proceeds will be used to refund a series of bonds currently outstanding. Marketing is expected to commence in late August or early September.
 -0- 8/18/92
 /CONTACT: Juneann Greco of Pennsylvania Enterprises, 717-829-8825/
 (PGWC PENT) CO: Pennsylvania Gas and Water Company; Pennsylvania Enterprises, Inc. ST: Pennsylvania IN: UTI SU: OFR


CC-JS -- PH020 -- 0958 08/18/92 12:29 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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