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FIRST BOSTON ANNOUNCES OFFERING OF GTE NORTH FIRST MORTGAGE BONDS

 FIRST BOSTON ANNOUNCES OFFERING OF GTE NORTH FIRST MORTGAGE BONDS
 NEW YORK, Dec. 10 /PRNewswire/ -- The First Boston Corporation and associates announced today the public offering of $250 million principal amount of GTE North Incorporated, first mortgage bonds, 8-1/2 percent Series, due Dec. 15, 2031, at 98.82 percent of their principal amount, plus accrued interest from Dec. 15, 1991, to yield 8.61 percent.
 The bonds are non-callable prior to Dec. 15, 2001. The bonds are redeemable on and after Dec. 15, 2001 at prices beginning at 104.88 percent declining to par on and after Dec. 15, 2021.
 Associated with First Boston is Chase Securities, Inc. The underwriters were awarded the issue on their bid of 8.63 percent cost of funds to the company.
 The net proceeds from the sale of the new bonds will be applied toward the payment of short-term debt incurred for the purpose of financing the company's construction program.
 The company is a wholly-owned subsidiary of GTE Corporation ("GTE") and provides communication service in the states of Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, Ohio, Pennsylvania and Wisconsin.
 -0- 12/10/91
 /CONTACT: Joseph D. Fashano, vice president of First Boston, 212-909-2107/
 (GTE) CO: GTE North Incorporated; GTE Corporation;
 The First Boston Corporation ST: Connecticut, New York IN: TLS SU: OFR


JT -- NY066 -- 1205 12/10/91 16:41 EST
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Publication:PR Newswire
Date:Dec 10, 1991
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