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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: December 12, 1997
THE NARRAGANSETT ELECTRIC COMPANY
(exact name of registrant as specified in charter)
Rhode Island 1-7471 05-0187805
(state or other (Commission (I.R.S. Employer
jurisdiction of File No.) Identification No.)
incorporation)
280 Melrose Street, Providence, Rhode Island 02907
(Address of principal executive offices)
(401) 784-7000
(Registrant's telephone number, including area code)
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Item 5. Other Events
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New England Electric System's offer to purchase any and all
shares of preferred stock of its subsidiary The Narragansett
Electric Company (the Company) expired on Friday, December 12,
1997. The settlement date is expected to be Friday, December
19, 1997.
The following table outlines the preliminary results of the
offer to purchase and the purchase price to be received by
tendering shareowners on the anticipated settlement date.
Approximate
Number of
Shares Price per
The Narragansett Electric Company Tendered Share*
- --------------------------------- ---------- ----------
$50 par value
Cumulative Preferred Stock
4.50% Series 128,425 $42.86
4.64% Series 88,504 $45.94
6.95% Series 254,950 $60.25
*plus accrued dividends
The total number of the Company's preferred shares tendered
represents 64.6% of the total outstanding shares of the Company's
preferred stock.
The actual number of shares tendered for purchase will
depend on the final report of the depositary and subsequent
confirmation of proper delivery.
In addition, a special meeting of preferred shareholders of
the Company was held on Friday, December 12, 1997 at which
amendments to the Company's Preferred Stock Provisions were
passed by more than the necessary two-thirds majority of the
Company's preferred shareholders, which removed from the
Provisions a limitation on the Company's ability to issue
unsecured debt without the prior approval of the preferred
shareholders.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Current Report on
Form 8-K to be signed on its behalf by the undersigned thereunto
duly authorized.
THE NARRAGANSETT ELECTRIC COMPANY
s/Alfred D. Houston
By ________________________________
Alfred D. Houston
Vice President and Treasurer
Date: December 18, 1997
