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Gulf States Utilities Company Deal - Lehman Brothers Collection

Gulf States Utilities Company

Company Deal$20,000,000 first mortgage bonds 4% series due 1988 and 240,000 shares common stock
Transaction TypeFirst Mortgage Bonds / Common Stock
Deal DescriptionGulf States Utilities Company used the net proceeds from this transaction to pay off short-term notes due September 23, 1958 and thereafter, issued to provide funds for construction purposes. The balance was used to carry forward the construction program and for other corporate purposes. During the five years and two- month period ending February 28, 1958, modern economical generating capacity, with necessary boiler capacity, was placed in service in the company's four power plants. In addition, the company installed during this period three new steam boilers to provide for increased contract demands of two large combination steam and electric customers, while continuing work on new or increased capacity transmission and distribution lines, substations, and equipment.
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