Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

The Detroit Edison Company Deal - Lehman Brothers Collection

The Detroit Edison Company

Company Deal500,000 shares cumulative preferred stock 7.68% series ($100 par value)
Transaction TypeCumulative Preferred Stock
Deal DescriptionThe Detroit Edison Company used the net proceeds from this transaction to repay at maturity short-term indebtedness incurred in connection with interim financing of the company's construction program. In order to meet increased demands for electric service, the company formulated a long-range construction program designed to increase system capacity. The 1971 construction program included three additional generating plants, the construction of transmission and distribution lines and substations, new business extensions, the construction of other production plant, additional peaking units, environmental quality control expenditures, and other property and equipment.
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