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REGISTRATION STATEMENT COVERING SECONDARY OFFERING OF 4 MILLION MAGMA POWER COMPANY SHARES NOW EFFECTIVE

 SAN DEIGO, June 29 /PRNewswire/ -- Magma Power Company (NASDAQ: MGMA) announced today a secondary public offering of 4 million shares of its outstanding common stock at $32 per share in simultaneous United States and international offerings. All of the shares will be sold by The Dow Chemical Company and J.P. Morgan & Co. Incorporated.
 Under a registration statement, as amended in a filing with the Securities and Exchange Commission today, a total of 3,635,000 shares will be sold by The Dow Chemical Company and 365,000 shares with be sold by J.P. Morgan & Co. Incorporated. Following the offering, Dow will continue to own about 4.2 million Magma shares as well as options to acquire an additional 2 million Magma shares. Dow will exercise no options in conjunction with the offering and Magma will receive no proceeds as a result of the offering. J.P. Morgan & Co. Incorporated will continue to hold 610,000 shares.
 The First Boston Corporation and J.P. Morgan Securities Inc. are the managers of the U.S. syndicate offering of 3.4 million shares and Credit Suisse First Boston Limited and J.P. Morgan Securities Ltd. are the lead managers of the international offering of 600,000 shares. The underwriters have been granted an option to purchase up to an additional 500,000 shares from Dow and J.P. Morgan & Co. Incorporated to cover any over-allotments.
 Magma Power Company operates seven geothermal power plants in Southern California on geothermal leasehold and fee interests held by the Company, and holds additional geothermal interests in other parts of Southern California and in Nevada.
 A copy of the prospectus may be obtained from The First Boston Corporation, Prospectus Department, 55 East 52nd St., New York, New York, 10055.
 -0- 6/29/93 R
 /CONTACT: Wallace C. Dieckman, chief financial officer of Magma Power Company, 619-622-7800/


CO: Magma Power Company ST: California IN: SU:

SM -- NY013R -- 6907 06/29/93 17:16 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
Words:327
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