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MINNESOTA POWER ANNOUNCES SALE OF BONDS

 MINNESOTA POWER ANNOUNCES SALE OF BONDS
 DULUTH, Minn., May 22 /PRNewswire/ -- Minnesota Power (NYSE: MPL)


announced the sale on May 19, 1992, of $55 million principal amount 15- year First Mortgage Bonds due June 1, 2007, bearing interest at 7-3/4 percent per year.
 The bonds have been offered to the public at 97.921 percent of par to yield 7.99 percent when held to maturity. The cost to Minnesota Power, after underwriting commissions, is 8.08 percent.
 Proceeds from the sale will be used, together with funds from operations, for the redemption of certain of the company's high interest rate First Mortgage Bonds. Proceeds not immediately used for such purpose will be temporarily invested in short-term investments.
 The negotiated sale was underwritten by PaineWebber Incorporated. A prospectus relating to these securities may be obtained from this underwriting firm.
 Minnesota Power also announced today its intention to redeem in late June 1992, $50 million principal amount of First Mortgage Bonds, 9-1/4 percent Series due 2008 at a price of 104.79 percent of the principal amount thereof, plus interest to the redemption date.
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.
 The common stock of Minnesota Power is traded on the New York Stock Exchange.
 -0- 5/22/92
 /CONTACT: Warren F. Hudelson of Minnesota Power, 218-723-3934/
 (MPL) CO: Minnesota Power ST: Minnesota IN: OIL SU: OFR


KH -- MN016 -- 3353 05/22/92 13:41 EDT
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Date:May 22, 1992
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