The Brooklyn Union Gas Co.
List of Deals
- 1967 The Brooklyn Union Gas Company: $25,000,000 principal amount first mortgage bonds 6 1/4% series due 1992
Brooklyn Union Gas Company was incorporated in New York in 1895, as the unification of seven local gas utilities. Originally founded in 1825 as the Brooklyn Gas Light Company, contractual disagreements with Brooklyn prevented the company from operating until 1847, when it began to provide the area with street lamp gas. The company supplied home cooking and heating gas and thrived as homeowners switched from more expensive oil to gas during the Depression. As the company expanded through the 1950s and 1960s, its service territory grew to also include Queens, Staten Island, and Brooklyn. The company also sold gas appliances and provided financing and servicing to its consumers through Gas Energy, Inc., a wholly owned subsidiary.
The proceeds from a 1967 sale of first mortgage bonds were used to offset debts and to construct a new liquefied natural gas plant.