Allegheny Energy, Inc. Subsidiary Calls for the Redemption of Preferred Stocks.HAGERSTOWN, Md.--(BUSINESS WIRE)--Aug. 24, 1999-- Allegheny Energy Allegheny Energy (NYSE: AYE) is a traditional public utility based in the Pittsburgh suburb of Greensburg. It services communities in Western Pennsylvania, Western Maryland, Northern West Virginia, Northwest Virginia. , Inc. (NYSE NYSE See: New York Stock Exchange : AYE) announced today that a subsidiary, The Potomac Edison Company, which with affiliates operates under the trade name Allegheny Power, will call on September 30, 1999, for the redemption of all outstanding shares of its 3.60 percent and $5.88, Series C, Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. with a combined value of approximately $16 million. A redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $103.75 and $102.85 plus accrued dividends of $0.60 per share and $0.98 per share, respectively, will be paid for shares of 3.60 percent and $5.88, Series C, Cumulative Preferred Stock. Allegheny Energy, Inc. is a diversified energy company headquartered in Hagerstown, Md. The Allegheny Energy family includes Allegheny Power, which delivers electric energy to about three million people in parts of Maryland, Ohio, Pennsylvania, Virginia, and West Virginia; Allegheny Energy Supply, which operates and markets competitive retail and wholesale electric generation and operates regulated electric generation for its affiliates; and AYP AYP Adequate Yearly Progress (National Assessment of Educational Progress) AYP Anarchist Yellow Pages AYP American Youth Philharmonic Capital, which actively invests in and develops energy-related and telecommunications projects. For more information about Allegheny Energy, Inc., visit our web site at www.alleghenyenergy.com. |
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