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SDG&E SELLS $35 MILLION OF PREFERENCE STOCK; $1.5 MILLION IN SAVINGS PASSED ON TO CUSTOMERS

 SAN DIEGO, Aug. 18 /PRNewswire/ -- San Diego Gas & Electric today sold $35 million of preference stock at $25 per share.
 The preference stock was sold with a dividend yield of 6.80 percent, or $0.425 paid quarterly, beginning Oct. 15, 1993 (partial dividend), and every Jan. 15, April 15, July 15 and Oct. 15 thereafter.
 Approximately $20 million of the proceeds will be used to refund the $7.80 series of preference stock which SDG&E will call on Sept. 7, 1993. The remaining $15 million will fund new construction and current capital requirements.
 "This refunding will produce present value savings of $1.5 million, which will be passed on to our customers," said SDG&E Vice President- Finance and Treasurer Malyn K. Malquist. "In fact, the all-in cost, which includes dividend rate and commissions, make this one of the lowest-cost perpetual stock issued by a company with our credit rating since 1980." The preferred stock is rated a1 by Moody's and A by Standard & Poor's.
 Underwriters for the issue are Lehman Brothers and Goldman, Sachs & Co.
 -0- 8/18/93 R
 /CONTACT: Gretchen Griswold of San Diego Gas & Electric, 619-696-4309/


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

MF-LM -- SD003 -- 4229 08/19/93 10:06 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
Words:211
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