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SAVANNAH ELECTRIC ACCEPTS BIDS FOR NEW SERIES OF PREFERRED STOCK FROM MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED

 SAVANNAH, Ga., Nov. 9 /PRNewswire/ -- Savannah Electric and Power Company announced today that it accepted bids for the purchase of 1,400,000 shares of a new series of its Preferred Stock, with a par value of $25 per share.
 The successful bid was submitted by Merrill Lynch, Pierce, Fenner & Smith, Incorporated.
 Dividends on the new Preferred Stock will be payable at the rate of 6.64 percent per annum. The shares will be offered at the initial public offering price of $25 per share. Closing of the sale of the new Preferred Stock is scheduled for Nov. 16.
 The company also announced that, subject to closing the sale of the new Preferred Stock, it plans to redeem all 800,000 outstanding shares of its 9.50 percent Preferred Stock (CUSIP No. 804787-604) on Dec. 15. The redemption price will be $26.57 per share, plus accrued dividends.
 The balance of proceeds from the sale of the new Preferred Stock series will be used to fund the company's construction program and for other corporate purposes.
 -0- 11/9/93
 /CONTACT: Corporate Communications, Savannah Electric, 912-238-2267/
 (SO)


CO: Savannah Electric and Power Company; Merrill Lynch, Pierce, Fenner
 & Smith, Incorporated ST: Georgia IN: UTI SU:


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Publication:PR Newswire
Date:Nov 9, 1993
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