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PE SELLS $100 MILLION OF MORTGAGE BONDS THROUGH COMPETITIVE BIDDING

PE SELLS $100 MILLION OF MORTGAGE BONDS THROUGH COMPETITIVE BIDDING
 PHILADELPHIA, July 15 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) announced today it sold through competitive bidding $100 million of First and Refunding Mortgage Bonds, 7-1/2 percent Series due 2002.
 The Mortgage Bonds were purchased by a group of underwriters headed by The First Boston Corporation. The winning bid had a stated interest rate of 7-1/2 percent and a price of 99.485 percent, resulting in a net interest cost to the company of 7.57 percent. The Mortgage Bonds are being offered to the public at 99.761 percent for a yield of 7.53 percent.
 The Mortgage Bonds will be issued in fully registered form. The company said it does not intend to apply for listing of the Mortgage Bonds on any stock exchange.
 Additionally, the board of directors today approved the call of the $100 million 9-5/8 percent First and Refunding Mortgage Bonds due 2002 in their entirety with the funds for the redemption to be primarily provided from the net proceeds of today's sale of Mortgage Bonds.
 The redemption of the 9-5/8 percent Mortgage Bonds is dependent upon the settlement of the $100 million of Mortgage Bonds sold today. The anticipated redemption date for the 9-5/8 percent Mortgage Bonds is Sept. 1, 1992. The redemption price of the 9-5/8 percent Mortgage Bonds is $103.46 plus accrued interest.
 /delval/
 -0- 7/15/92
 /CONTACT: Bill Jones of Philadelphia Electric, 215-841-4129/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:


CC -- PH021 -- 9557 07/15/92 12:46 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
Words:268
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