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SAN DIEGO GAS & ELECTRIC DECLARES QUARTERLY DIVIDENDS, ISSUES $80 MILLION IN FIRST MORTGAGE BONDS AND CALLS TWO BOND SERIES

 SAN DIEGO GAS & ELECTRIC DECLARES QUARTERLY DIVIDENDS,


ISSUES $80 MILLION IN FIRST MORTGAGE BONDS AND CALLS TWO BOND SERIES
 SAN DIEGO, May 26 /PRNewswire/ -- San Diego Gas & Electric (NYSE: SDO) board of directors today declared a quarterly dividend of 36 cents per share on the company's common stock, which was split 2-for-1 May 11; issued $80 million in first mortgage bonds; and called two outstanding series of first mortgage bonds, with a savings to ratepayers of approximately $500,000 per year for the next 10 years.
 The common stock dividend remains unchanged from the previous quarter when the dividend was 72 cents (prior to the common stock split) and is payable July 15, 1992, to shareholders of record as of June 10, 1992.
 The board also declared dividends on SDG&E preferred and preference stock, which were unaffected by the stock split, as follows:
 Cumulative preferred: $0.25 per share on the 5 percent series; $0.23 on the 4.60 percent series; $0.225 on the 4 1/2 percent series; and $0.22 on the 4.4 percent series.
 Preference (cumulative): $1.95 on the $7.80 series; $1.80 on the $7.20 series; $2.0625 on the $8.25 series; $2.28125 on the $9.125 series; $0.61875 on the $2.475 series; and $1.7625 on the $7.05 series.
 In the same meeting, the board approved the issuance of $80 million in 10-year first mortgage bonds.
 The bonds were sold at 97.847 percent and carry an interest rate of 7.625 percent. The yield to the public is 7.86 percent. Interest is payable June 15 and Dec. 15 each year, commencing Dec. 15, 1992.
 The bonds are not callable and are rated AA3 by Moody's Investors Service Inc., and A+ by Standard & Poor's Corp.
 Solomon Brothers Inc., Prudential Securities Inc. and Grigsby Branford & Co. Inc. were selected to manage the issue through competitive bid.
 The proceeds of the $80 million issue will be used to call two outstanding issues of higher coupon first mortgage bonds: Series R at 9.75 percent, due 2008; and Series K at 8.75 percent, due 2000. This refinancing will result in a net present value savings for SDG&E customers of about $2.5 million over the life of the new issue, helping SDG&E maintain its place as the lowest cost energy supplier in California.
 -0- 5/26/92
 /CONTACT: Gretchen Griswold of San Diego Gas & Electric, 619-696-4309/
 (SDO) CO: San Diego Gas & Electric ST: California IN: UTI OIL SU: DIV


JL-SE -- SD002 -- 4026 05/26/92 19:53 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:May 26, 1992
Words:436
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