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SDG&E CUSTOMERS TO SAVE $65 MILLION FROM BOND REFINANCING

 SAN DIEGO, April 29 /PRNewswire/ -- San Diego Gas & Electric has refinanced a total of $85.7 million in industrial development bonds (IDBs) which will save its customers $65 million over the next 25 years, according to Malyn Malquist, SDG&E's vice president-finance and treasurer.
 This is the second step in the refinancing of three series of high-coupon IDBs totaling $400 million which began last fall after winning approval by the San Diego City Council. The three series were originally issued at interest rates between 9 1/4 percent and 10 percent. The first step was the refinancing of $118.6 million in IDBs in September 1992.
 New tax-exempt bonds for $70.8 million were sold yesterday with a lower true interest cost of 5.94 percent, maturing in 2018. The remaining $14.9 million was sold through a private placement at a variable rate.
 "Without the city's assistance, we would not have been able to provide these significant savings to the customer," said Malquist. "These are the kinds of steps SDG&E is taking to remain the lowest- cost provider of energy among regulated utilities in this state."
 Investment bankers for this new series of bonds are Goldman, Sachs & Co., Lehman Brothers, Girard Securities Inc., and Grigsby Brandford & Co. Inc.
 -0- 4/29/93
 /CONTACT: Maurice Luque of SDG&E, 619-696-4291/


CO: San Diego Gas & Electric ST: California IN: UTI SU:

JB-EH -- SD004 -- 2562 04/29/93 10:35 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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