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PHILADELPHIA SUBURBAN CORPORATION STOCK OFFERING CLOSES; MORE THAN 100,000 SHARES SOLD TO CUSTOMERS

 BRYN MAWR, Pa., Sept. 17 /PRNewswire/ -- Philadelphia Suburban Corporation (NYSE: PSC), parent company of Philadelphia Suburban Water Company (PSW), today announced the closing of its Sept. 1 15-day offer in which it successfully completed the intended sale of 100,000 shares of common stock under its Customer and Optional Stock Purchase Plans.
 Money received from the stock sale will be used to support the water company's capital programs and other general corporate purposes. The subscription period was the second of its kind offered this year.
 Chairman Nicholas DeBenedictis said that barring the need for substantial capital to acquire a large water utility -- part of the company's corporate strategy of growth through acquisitions -- the corporation plans to limit its future stock sales to customers to no more than 300,000 shares per year, or less than 3 percent of shares outstanding. This equity is needed to maintain the company's ongoing construction and pipe rehabilitation program.
 /delval/
 -0- 9/17/93
 /CONTACT: Donna Alston, director, corporate communications of Philadelphia Suburban, 215-645-1095/
 (PSC)


CO: Philadelphia Suburban Corporation ST: Pennsylvania IN: UTI SU: OFR

LJ-JM -- PH005 -- 2987 09/17/93 10:02 EDT
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Publication:PR Newswire
Date:Sep 17, 1993
Words:189
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