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Gulf States Utilities Company Deal - Lehman Brothers Collection

Gulf States Utilities Company

Company Deal$13,000,000 first mortgage bonds 2 3/4% series due 1980
Transaction TypeFirst Mortgage Bonds
Deal DescriptionGulf States Utilities Company used the net proceeds from this transaction for its general corporate purposes, including the payment of its present short-term notes in the aggregate amount of $2,000,000 and the financing of a portion of its 1950 construction requirements. At the time, the company was engaged in a large construction program to meet the continuing increase in demand for electric power in the rapidly growing area served. The company had not been able to maintain an adequate ratio of generating capacity to maximum load. The proposed construction program was designed to improve this ratio as rapidly as possible in the interest of dependability of service and economy of operation and thus eliminate the use of purchased power except through mutually advantageous interconnections.
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