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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
May 25, 2000 May 25, 2000
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(Date of earliest
event reported)
PUGET SOUND ENERGY, INC.
(Exact name of registrant as specified in its charter)
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Commission File Number 1-4393
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Washington 91-0374630
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
411 - 108th Avenue N.E., Bellevue, Washington 98004-5515
(Address of principal executive offices)
(425) 454-6363
(Registrant's telephone number, including area code)
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ITEM 5. Other Events
On May 25, 2000, the Company issued the following press release.
Puget Sound Energy sells Cabot Oil & Gas preferred stock
Bellevue, Wash. (May 25, 2000) -- Puget Sound Energy (NYSE:PSD) yesterday
(May 24) sold all of its 1,134,000 shares of 6% convertible redeemable preferred
stock in Cabot Oil & Gas Corporation (NYSE:COG), for $51.4 million, after
expenses. The sale produces approximately $40.8 million in after-tax proceeds.
There is no significant gain or loss on the transaction.
The sale furthers Puget Sound Energy's initiatives to refocus non-core
assets towards its growing unregulated businesses, principally ConneXt, a
developer of advanced customer information systems for mid-sized to large energy
utilities; and a newly-formed business focused on providing design, engineering,
construction and maintenance services to utility companies.
In May 1999, Puget Sound Energy sold its investment in common stock of
Cabot Oil & Gas Corporation. As a result of these two transactions, Puget Sound
Energy no longer holds any securities of Cabot Oil & Gas.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PUGET SOUND ENERGY
Date: May 25, 2000
Richard L. Hawley
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Richard L. Hawley
Vice President & Chief Financial Officer
