ENRON CORP. EQUITY OFFERING PRICED AT $62.6875 PER SHARE
FOR IMMEDIATE RELEASE: Thursday, February 11, 1999
HOUSTON - Enron Corp. announced that its equity offering of 12 million shares of common stock was priced today at $62.6875 per share.
The managing underwriters are Credit Suisse First Boston; Donaldson, Lufkin & Jenrette; Lehman Brothers; Merrill Lynch & Co.; Morgan Stanley Dean Witter; Prudential Securities; Salomon Smith Barney; and Schroder & Co. Inc. Enron has granted the underwriters an over-allotment option for an additional 1.8 million shares of common stock.
Subject to customary closing conditions, net proceeds to Enron from the public offering are expected to be approximately $730 million. If the over-allotment option is exercised in full, the net proceeds to Enron are expected to be approximately $839 million. Proceeds from the sale will be used to fund capital investments and for other general corporate purposes. Pending this use, the proceeds will be used to repay short-term debt.
Enron is one of the world's leading integrated electricity and natural gas companies. The company, which owns approximately $30 billion in energy related assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide and delivers physical commodities and risk management and financial services 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:
Mark Palmer
(713) 853-4738
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