DP&L Sells $470 Million of First Mortgage Bonds.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Sept. 24, 2003 DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL), parent of The Dayton Power and Light Company (DP&L), today announced the sale of $470 million principal amount of DP&L first mortgage bonds. The ten-year bonds bear interest at 5.125% per year and mature in 2013. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the refinancing will be used to redeem $220 million 7.875% in first mortgage bonds due in 2024, and $226 million 8.15% in first mortgage bonds due in 2026. "This refinancing is a key part of our overall goal of strengthening our capital structure and taking advantage of favorable interest rates," said Caroline E. Muhlenkamp, Group Vice President and Interim CFO See Chief Financial Officer. . The sale was underwritten by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. as lead manager. The
co-managers are McDonald Investments, Inc., ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Incorporated,
Tokyo-Mitsubishi International PLC, Fifth Third Securities, Inc., and
NatCity Investments, Inc.
DPL Inc. is a diversified regional energy company. DPL's principal subsidiaries include The Dayton Power & Light Company (DP&L) and DPL Energy. DP&L provides electric services to over 500,000 retail customers in West Central Ohio. DPL Energy markets over 4,600 megawatts of generation capacity throughout the eastern United States. DPL Inc., through its subsidiaries, ranks among the top energy companies in generation efficiency and productivity. Further information on DPL Inc. can be found at www.dplinc.com. |
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