WILKES-BARRE, Pa., Oct. 14 /PRNewswire/ -- Southern Union Company
(NYSE: SUG) and Pennsylvania Enterprises, Inc. (PEI) (NYSE: PNT) are
soliciting consents from holders of PG Energy Inc.'s $30,000,000 8.375% First
Mortgage Bonds due December 1, 2002 to proposed amendments to the Indenture
under which the Bonds were issued. The amendments are being sought in
connection with the previously announced mergers of PEI and its utility
subsidiaries, PG Energy and Honesdale Gas Company, into Southern Union.
The solicitation is being made to holders of record of the Bonds as of
5:00 p.m. Wednesday, October 13, 1999 (the "Record Date"). The terms of the
solicitation and the amendments are more fully described in a Consent
Solicitation Statement being distributed starting today to such holders of the
Bonds.
If the required consents are received prior to 5:00 p.m. on Wednesday,
October 27, 1999 (the "Expiration Date"), and thereafter the mergers of PG
Energy and PEI into Southern Union are consummated and the proposed amendments
to the Bonds' Indenture become effective, then Southern Union will pay each
consenting holder $2.50 for each $1,000 of the principal amount of the Bonds
for which consents are given.
Any questions concerning the terms of the Solicitation may be directed to
Merrill Lynch & Co., the Solicitation Agent, at (toll-free) 888-654-8637 or
(collect) 212-449-4914. Any requests for additional copies of the Consent
Solicitation Statement or the Consent form, may be directed to Beacon Hill
Partners, Inc., the Information Agent, at (toll-free) 800-755-5001 or
(collect) 212-843-8500.
Southern Union is an international energy distribution company, serving
more than one million customers through: three divisions -- Southern Union
Gas, Missouri Gas Energy and Atlantic Utilities; SUPro Energy Company and
Atlantic Gas Corporation, its propane distribution subsidiaries; and its
equity ownership in a natural gas distribution company serving Piedras Negras,
Mexico. In Texas, Southern Union Gas serves approximately 513,000 customers,
including the cities of Austin, El Paso, Brownsville, Galveston and Port
Arthur. Missouri Gas Energy serves approximately 484,000 customers in western
Missouri, including the cities of Kansas City, St. Joseph, Joplin and Monett.
PEI is a holding company with regulated and non-regulated subsidiaries.
The regulated group consists of PG Energy and its subsidiary, Honesdale Gas
Company, which together provide natural gas to approximately 152,000 customers
in 13 counties in northeastern and central Pennsylvania. The non-regulated
group consists of PEI Power Corporation, Theta Land Corporation and PG Energy
Services Inc. and its subsidiary, Keystone Pipeline Services, Inc. PG Energy
Services markets energy and energy products in a large area of central and
northeastern Pennsylvania under the name PG Energy PowerPlus. In addition to
energy products, PG Energy PowerPlus markets home and business security
systems, fire detection and environmental hazard monitoring systems and Custom
Care, a service maintenance contract for gas-fired heating equipment and
appliances.
This release and other reports and statements issued or made from time to
time by either company contain certain "forward-looking statements" concerning
projected future performance or expectations. Both companies caution that
actual developments may differ materially from such projections or
expectations.
SOURCE Pennsylvania Enterprises, Inc.
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Related links:
http://www.pnt.com
Company News On-Call:
http://www.prnewswire.com/comp/684209.html or fax,
800-758-5804, ext. 684209
CONTACT:
John J. Hambrose of Pennsylvania Enterprises,
570-829-8756, or George Yankowski, Director of Investor Relations
and Treasurer of Southern Union, 512-370-8305
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