SAN DIEGO GAS & ELECTRIC CO. ANNOUNCES MAXIMUM ACCEPTABLE PRICES FOR BONDS OFFERED IN PENDING 'DUTCH AUCTION'
SAN DIEGO GAS & ELECTRIC CO. ANNOUNCES MAXIMUM ACCEPTABLE PRICES FOR BONDS OFFERED IN PENDING 'DUTCH AUCTION' SAN DIEGO, Sept. 14 /PRNewswire/ -- San Diego Gas & Electric Co. (SDG&E) (NYSE: SDO) announced today the maximum acceptable prices at which it will accept bonds offered in its pending "Dutch auction" invitation for three sides of industrial development bonds issued by the City of San Diego. The prices established as the maximum acceptable prices, expressed in dollars per $100 principal amount of bonds offered by tendering holders in accordance with the company's invitation to bondholders dated Aug. 5, 1992, are as follows: Maximum Price Bonds $107.50 10 percent 1983 series A due June 1, 2018 $109.625 10 percent 1983 series B due Sept. 1, 2018 $119.00 9 1/4 percent 1985 series A due Sept. 1, 2020 SDG&E also announced that the expiration of the invitation has been extended and will now expire at 5 p.m. Eastern time on Friday, Sept. 18, 1992, unless the invitation is earlier terminated or extended by the company. SDG&E now expects the settlement date for the purchase of the bonds pursuant to the invitation to be Oct. 15, 1992, unless the invitation is earlier terminated or extended by the company. "This kind of extension is standard," said Malyn Malquist, treasurer of SDG&E. "It allows bondholders whose original offer price may have exceeded the established maximum to get a second chance at offering their bonds by amending their offer." As stated in the invitation, any bondholder who has previously offered bonds to the company pursuant to the invitation at a price higher than the maximum acceptable price listed above may amend his or her offer by submitting a notice of withdrawal and an amended offer that specifies a price at or below the maximum acceptable price, or that specifies no price. Any notice of withdrawal must be accompanied by a new letter of transmittal to the BankAmerica Trust Company of New York, the depositary in connection with the invitation. This letter of transmittal must be received prior to the expiration date of the invitation. Bondholders should refer to the invitation to bondholders and related materials previously distributed by SDG&E for full details concerning the invitation and the procedures for offering bonds. Bondholders desiring additional copies of such materials or other assistance in connection with the invitation should contact their broker, dealer, bank or trust company. Bondholders may also call the information agent, Georgeson & Co. Inc., or the dealer manager, Goldman, Sachs & Co., at the toll-free numbers shown below: Information agent Georgeson & Co. Inc., 800-223-2064, or dealer manager Goldman, Sachs & Co., 800-828-3182. -0- 9/14/92 /CONTACT: Georgeson & Co. Inc. (information agent), 800-223-2064, or Goldman, Sachs & Co. (dealer manager), 800-828-3182, for SDG&E/ (SDO) CO: San Diego Gas & Electric Co. ST: California IN: UTI SU:
AL-LS -- SD005 -- 9272 09/14/92 16:00 EDT
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|Date:||Sep 14, 1992|
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