Atlantic City Electric Co. Deal - Lehman Brothers Collection
Atlantic City Electric Co.
|Company Deal||Atlantic City Electric Company: 700,000 shares of common stock ($3 par value) issued October 18, 1972|
|Deal Description||Atlantic City Electric Company was to apply the net proceeds from this deal, to the extent necessary, to the prepayment of $10,500,000 of outstanding short-term unsecured notes payable to banks, which totaled $13,500,000 as of September 1, 1972. Proceeds from such notes were used to pay for part of the costs of the 1972 construction program. The balance of the proceeds from the sale of the additional common stock, estimated at $4,500,000, was used to pay for part of the cost of the 1972 construction program, which was projected to cost approximately $58,280,000. The construction program involved production facilities, nuclear fuel, construction of additional substations, and improvements to and extensions of the company's transmission and distribution system. Estimated costs of the construction program for 1973 and 1974 were $172,700,000.|
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