Printer Friendly

PSE&G SELLS SHARES 750,000 SHARES OF PREFERRED STOCK

 NEWARK, N.J., March 10 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) today sold, through competitive bidding, 750,000 shares of its cumulative preferred stock (par value $100 per share).
 PSE&G accepted a bid from a group of underwriters led by Merrill Lynch & Co., providing a price to PSE&G of $100 per share with a dividend rate of $5.97 per share. PSE&G will compensate the underwriters in an amount equal to $.625 per share, which will result in an annual cost of money to PSE&G of 6.0359 percent.
 The underwriters have advised that they will offer the shares to the public initially at a price of $100 per share to provide a current yield of 5.97 percent.
 Shares of new preferred stock are not redeemable prior to March 1, 1998. Thereafter, the new preferred stock may be redeemed at the option of PSE&G upon not less than 30 days' notice. For the five-year period beginning on March 1, 2003, the new preferred stock will be subject to a mandatory cumulative sinking fund sufficient to redeem 37,500 shares annually at $100 per share plus accumulated dividends. On March 1, 2008, the remaining shares will be redeemed at $100 per share plus accumulated dividends.
 The net proceeds from the sale of the new preferred stock will be added to the general funds of PSE&G and will be used for general corporate purposes.
 -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:

PS-SM -- NY047 -- 4700 03/10/93 12:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 10, 1993
Words:278
Previous Article:GENEVA STEEL ANNOUNCES ADDITIONAL PRICE INCREASES; $20 PER TON INCREASES EFFECTIVE JULY 4, 1993
Next Article:PSE&G SELLS $250 MILLION OF MORTGAGE BONDS, ANNOUNCES PLAN TO REDEEM HIGHER-COST DEBT
Topics:


Related Articles
PUBLIC SERVICE ENTERPRISE GROUP INCREASES QUARTERLY DIVIDEND BY ONE CENT
PUBLIC SERVICE ENTERPRISE GROUP DECLARES DIVIDEND
DUFF & PHELPS RATES PUBLIC SERVICE ELECTRIC AND GAS COMPANY NOTES, BONDS AND CUMULATIVE PREFERRED STOCK
PUBLIC SERVICE ENTERPRISE GROUP DECLARES DIVIDEND OF 54 CENTS
PUBLIC SERVICE ELECTRIC AND GAS COMPANY ANNOUNCES THE REDEMPTION OF TWO SERIES AND THE TENDER FOR SEVEN SERIES OF CUMULATIVE PREFERRED STOCK
CLARIFICATION OF DIVIDEND ON PSE&G PREFERRED STOCK
PUBLIC SERVICE ELECTRIC AND GAS COMPANY ANNOUNCES PRELIMINARY RESULTS OF TENDER OFFER FOR SEVEN SERIES OF CUMULATIVE PREFERRED STOCK
PUBLIC SERVICE ENTERPRISE GROUP DECLARES QUARTERLY DIVIDEND
PSEG Board Declares Dividend
PSEG Declares Dividend

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters