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ENRON CORP. REGISTRATION FOR EQUITY OFFERING BECOMES EFFECTIVE; STOCK PRICED AT $50 PER SHARE
FOR IMMEDIATE RELEASE: Monday, May 4, 1998
HOUSTON - Enron Corp. announced that its registration statement filed with the Securities and Exchange Commission relating to the equity offering of 15 million shares of common stock was declared effective today. The offering price is $50 per share.
The managing underwriters are Donaldson, Lufkin & Jenrette Securities Corporation; Credit Suisse First Boston; Goldman, Sachs & Co.; Lehman Brothers; Merrill Lynch & Co.; PaineWebber Incorporated; and Jefferies & Company, Inc. Enron has granted the underwriters an over-allotment option for an additional 2.25 million shares of common stock.
Subject to customary closing conditions, net proceeds to Enron from the public offering are expected to be approximately $727,500,000. If the over-allotment option is exercised in full, the net proceeds to Enron are expected to be approximately $836,625,000. Proceeds from the sale will be used to reduce debt and for general corporate purposes, including capital expenditures.
Enron is the world's leading integrated natural gas and electricity company. The company owns approximately $23 billion in energy related assets and delivers physical commodities and risk management and financial services to provide energy solutions to customers around the world. Enron's internet address is www.enron.com, and the stock is traded under the ticker symbol, "ENE."
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For additional information please contact:
Diane Bazelides
(713) 853-6285
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