Printer Friendly

SAVANNAH ELECTRIC AND POWER CLOSES SALE OF PREFERRED STOCK

 SAVANNAH, Ga., Nov. 16 /PRNewswire/ -- Savannah Electric and Power Company today announced that it closed the sale of 1,400,000 shares of a new series of its 6.64 percent Preferred Stock, with a par value of $25 per share, with the successful purchaser, 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.
 The company also announced that it had issued a call for redemption of all 800,000 outstanding shares of its 9.50 percent Preferred Stock (CUSIP Number 804787-604) on Dec. 15, at a redemption price of $26.57 per share, plus accrued dividends.
 The balance of proceeds from the sale of the new series of Preferred Stock will be used to fund the company's construction program and for other corporate purposes.
 -0- 11/16/93
 /CONTACT: Savannah Electric and Power, Corporate Communications, 912-238-2267/
 (SO)


CO: Savannah Electric and Power Company ST: Georgia IN: UTI SU: OFR

BR-BN -- AT009 -- 5039 11/16/93 11:35 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:Nov 16, 1993
Words:189
Previous Article:SCIENTIFIC-ATLANTA INTRODUCES TOUCH-SCREEN-BASED PATTERN RECORDER New Instrument Simplifies Antenna Measurement Process
Next Article:CCX ANNOUNCES RESULTS
Topics:

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