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CENTRAL AND SOUTH WEST CORPORATION UNIT OFFERS FIRST MORTGAGE BONDS

 DALLAS, Feb. 11 /PRNewswire/ -- Central and South West Corporation (NYSE: CSR) announced today that Central Power and Light Company (CPL), one of its wholly owned operating subsidiaries, sold to underwriters in a negotiated offering $50 million of 6-7/8 percent First Mortgage Bonds, Series FF, due Feb. 1, 2003, and $75 million of 7-1/8 percent First Mortgage Bonds, Series GG, due Feb. 1, 2008. After the issuance of the Series FF and Series GG Bonds, CPL has $235 million remaining on its shelf registration statement.
 The Series FF bonds are being offered to the public at 99.89 percent to yield 6.89 percent to maturity, with proceeds to CPL of 99.24 percent and a cost of money of 6.98 percent. The Series GG bonds are being offered to the public at 99.59 percent to yield 7.17 percent to maturity, with proceeds to CPL of 98.84 percent and a cost of money of
7.25 percent. Both series are noncallable for life. The new bonds are expected to be rated A2 by Moody's Investors Service, and A by Standard & Poor's and Duff & Phelps. Morgan Stanley & Co. Incorporated is lead manager for the offering with Merrill Lynch & Co. and Goldman, Sachs & Co. as co-managers. Net proceeds from the sale of the new bonds will be used to refund CPL's $46 million outstanding principal amount of 8 percent First Mortgage Bonds, Series M, due Nov. 1, 2003, at 102.76 percent of principal amount and $75 million outstanding principal amount of 8-1/4 percent First Mortgage Bonds, Series O, due Oct. 1, 2007, at 103.99 percent of principal amount.
 Central and South West Corporation, a Dallas-based public utility holding company, owns four electric subsidiary companies that provide service to portions of Texas, Oklahoma, Louisiana and Arkansas. It also owns an Oklahoma intrastate natural gas pipeline subsidiary and four other subsidiaries.
 -0- 2/11/93
 /CONTACT: Steve McDonnell, treasurer of Central and South West, 214-777-1256/
 (CSR)


CO: Central and South West Corporation ST: Texas IN: UTI SU: OFR

SM -- NY095 -- 5930 02/11/93 17:48 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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