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PG&W COMPLETES $50 MILLION BOND SALE

 PG&W COMPLETES $50 MILLION BOND SALE
 WILKES-BARRE, Pa., Sept. 15 /PRNewswire/ -- Pennsylvania Gas and


Water Company (PG&W) announced today the successful completion of the sale of $50 million in tax exempt bonds issued by the Luzerne County Industrial Development Authority for the benefit of PG&W.
 The offering was underwritten by Butcher & Singer, a division of Wheat, First Securities, Inc. and Legg Mason Wood Walker Incorporated. The proceeds from the sale will be used to refund an equal amount of tax exempt bonds issued in 1987 by the Authority for the benefit of PG&W.
 The 1992 bonds carry an interest rate of 7.20 percent, mature in 2017, and are secured by PG&W's 1992 First Mortgage Bonds. The 1987 bonds carried an interest rate of 8-1/2 percent which, with credit enhancement costs, resulted in an effective interest cost of 9.97 percent.
 Dean Casaday, president and chief executive officer of PG&W, stated, "We are delighted with the completion of this latest offering which will save $1.4 million annually in interest costs. It is significant to note that since September 1991, PG&W and our parent company, Pennsylvania Enterprises, Inc., have successfully completed five financings aggregating $185 million. This has enabled us to eliminate $145 million in short-term debt as well as provide funds to finance capital expenditures and additional working capital needs. As part of PG&W's ambitious water quality improvement program, we have completed six new filter plants since 1988 and work is well along on the final two plants, scheduled for completion next year."
 PG&W is engaged in the distribution of natural gas and water in northeastern Pennsylvania and is the principal subsidiary of Pennsylvania Enterprises, Inc. (NASDAQ: PENT).
 -0- 9/15/92
 /CONTACT: Juneann Greco of Pennsylvania Enterprises, 717-829-8825/
 (PENT) CO: Pennsylvania Gas and Water Company; Luzerne County Industrial
 Development Authority; Pennsylvania Enterprises, Inc. ST: Pennsylvania IN: UTI SU:


MK-LJ -- PH015 -- 9606 09/15/92 11:46 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
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