Southern California Gas rejected all bids on bonds.
The Los Angeles utility said the lowest bid that it received on its $125-million 30-year mortgage bond issue--one with net interest cost of 9.053% from Drexel Burnham Lambert--wasn’t acceptable. The utility said it expected a rate closer to the 8.9% that San Francisco-based Pacific Gas & Electric received Wednesday for its $100-million 33-year mortgage bond issue. The gas company said it plans to issue the bonds “sometime in the future.”
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