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PSE&G SELLS $250 MILLION OF MORTGAGE BONDS, ANNOUNCES PLAN TO REDEEM HIGHER-COST DEBT

 NEWARK, N.J., March 10 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) today sold through competitive bidding $250 million of its first and refunding mortgage bonds.
 In today's sale, PSE&G accepted the following bid:
 $250 million principal amount of Series OO due 2023 from Merrill Lynch & Co. to purchase the OO bonds at a price of 98.55 percent of principal amount. The 30-year Series OO bonds will bear interest at the rate of 7.50 percent, resulting in an annual cost of money to the company of 7.6236 percent. The underwriter has advised that it plans to offer the Series OO bonds to the public initially at a price of 99 percent of principal amount to yield 7.585 percent.
 The net proceeds from the sale of the Series OO bonds will be used by the company to refund and redeem certain of its higher cost and maturing debt obligations, including reimbursement of its treasury of funds expended therefor.
 PSE&G also announced today that it will exercise its option to redeem on May 1, 1993, the $95 million outstanding principal amount of its first and refunding mortgage bonds, 9-1/8 percent Series T due 2016 at the regular redemption price of 106.74 percent of principal amount plus interest.
 The company also will exercise its option to redeem on May 1, 1993, the $42.0 million outstanding principal amount of its 7-3/4 percent debenture bonds due 1996 at the regular redemption price of 100.97 percent of principal amount plus interest.
 Further, PSE&G will exercise its option to redeem on May 15, 1993, after application of the sinking fund redemption therefor, the $67.9 million outstanding principal amount of its first and refunding mortgage bonds, 8-3/8 percent Series A due 2001 at the regular redemption price of 102.17 percent.
 -0- 3/10/93
 /CONTACT: Neil Brown, corporate communications of PSE&G, 201-430-6017/
 (PEG)


CO: Public Service Electric and Gas Company ST: New Jersey IN: UTI SU:

SM-AH -- NY048 -- 4704 03/10/93 12:41 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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