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TRANSCO TO REPURCHASE PREFERRED STOCK HELD BY CORPORATE PARTNERS

 HOUSTON, Oct. 15 /PRNewswire/ -- Transco Energy Company (NYSE: E) has agreed to repurchase, subject to certain conditions, 3.03 million shares of its convertible preferred stock held by Corporate Partners. The agreement follows Corporate Partners' announcement last month that they were considering the sale of their shares. The repurchase is subject to Transco's completion of financing arrangements. The stock, which pays a 9.25 percent dividend, was sold to Corporate Partners in April 1989 with a per-share face value of $41.25.
 "We're pleased that we have reached this agreement with Corporate Partners. Their decision to sell the shares provides an opportunity for Transco to reduce the cost of the preferred stock component of our capitalization, since these shares were not otherwise callable," said John P. DesBarres, chairman, president and chief executive officer of Transco. Transco Energy Company transports natural gas through its interstate pipeline systems to markets in the eastern and midwestern United States and arranges for the transportation and sale of natural gas throughout the U.S. Transco also maintains modest positions in other energy-related businesses.
 -0- 10/15/93
 /CONTACT: Katherine K. Putnam, 713-439-2455, or (investors) R. Dean Ayers, 713-439-2593, both of Transco Energy Company/
 (E)


CO: Transco Energy Company ST: Texas IN: OIL SU:

MP -- NY046 -- 2765 10/15/93 12:57 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
Words:217
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