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Show UP&L to offer shares of common stock to public Utah Power & Light Co. recently announced an offering of 4.1 million shares of new common stock through underwriters led by Kidder, Peabody & Co; Goldman, Sachs & Co.; Merrill Merrill Lynch White Weld Capital Markets Group and Dean Witter Reynolds Inc. The new issue will be offered to the public at $18,875 per share. The current annual dividend rate on the company's common stock is $2.20 per share. Verl Topham, UP&L vice president and chief financial officer, said the offering brought the company approximately $74.8 million and will be, applied to payment of V short-term borrowings incurred to finance the utility's construction program. The last common stock offering by Utah Power was October 1980. |