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CENTRAL AND SOUTH WEST CORPORATION UNIT OFFERS FIRST MORTGAGE BONDS

 DALLAS, April 20 /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 $100 million of 6 percent First Mortgage Bonds, Series HH, due April 1, 2000, and $100 million of 7-1/2 percent First Mortgage Bonds, Series II, due April 1, 2023. After the issuance of the Series HH and Series II Bonds, CPL has $35 million remaining on its shelf registration statement.
 The Series HH bonds are being offered to the public at 99.750 percent to yield 6.04 percent to maturity, with proceeds to CPL of 99.125 percent and a cost of money of 6.16 percent. The Series II bonds are being offered to the public at 99.131 percent to yield 7.57 percent to maturity, with proceeds to CPL of 98.256 percent and a cost of money of 7.65 percent. The Series HH bonds may not be redeemed prior to maturity. The Series II bonds are not redeemable prior to April 1, 2003. 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 Goldman, Sachs & Co. and Merrill Lynch & Co. as co-managers. Net proceeds from the sale of the new bonds will be used to refund CPL's $150 million outstanding principal amount of 9-3/4 percent First Mortgage Bonds, Series Y, due June 1, 1998, at 102.66 percent of principal amount, to repay outstanding short-term borrowings, to provide working capital and for other general corporate purposes.
 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- 4/20/93
 /CONTACT: Sharon Peavy, director of investor relations of Central and South West Corporation, 214-777-1277/
 (CSR)


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

TM -- NY115 -- 8359 04/20/93 18:29 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
Words:361
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