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NYSEG SEEKS TO RAISE $100 MILLION IN STOCK SALE

New York State Electric & Gas Corp., a Binghamton-based electric and gas utility that serves portions of Western New York, is planning to raise as much as $100 million with an offering of one million serial preferred shares.

Proceeds will be used to repay debt and to finance the company's construction program. NYSEG plans to spend about $663 million on construction over the next three years, according to a Securities and Exchange Commission filing.

Underwriters for the offering may include Salomon Brothers Inc. or Merrill Lynch & Co., the filing indicated.

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