Printer Friendly

PE SELLS $450 MILLION OF MORTGAGE BONDS THROUGH COMPETITIVE BIDDING

 PHILADELPHIA, May 5 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) (PE) announced today that it sold through competitive bidding $450 million of First and Refunding Mortgage Bonds.
 The Mortgage Bonds were sold in two issues: $200 million 6-1/2 percent Series due 2003 and $250 million 7-3/4 percent Series 2 due 2023.
 The 6-1/2 percent Series due 2003 were purchased by a group of underwriters headed by Goldman, Sachs & Co. The winning bid has an interest rate of 6-1/2 percent and a purchase price to the Company of 99.321 percent, resulting in a net interest cost to the Company of 6.594 percent. The 6-1/2 percent Series due 2003 are being offered to the public at 99.60 percent for a yield of 6.555 percent.
 The 7-3/4 percent Series 2 due 2023 were also purchased by a group of underwriters headed by Goldman, Sachs & Co. The winning bid has an interest rate of 7-3/4 percent and a purchase price to the Company of 98.804 percent, resulting in a net interest cost to the Company of 7.854 percent. The 7-3/4 percent Series 2 due 2023 are being offered to the public at 99.304 percent for a yield of 7.810 percent.
 Each issue of the Mortgage Bonds will be issued in fully registered form. The Company intends to apply for listing of the Mortgage Bonds on the New York Stock Exchange.
 Additionally, the Board of Directors today approved the call for redemption of three outstanding issues of the Company's Mortgage Bonds in their entirety, totalling $450 million, with the funds for the redemptions to be provided, in part, from the net proceeds of today's sales of Mortgage Bonds. The three issues to be redeemed are the $75 million 8-5/8 percent Series due 2003 at 103.20 percent, the $125 million 8-1/2 percent Series due 2004 at 103.30 percent plus accrued interest and the $250 million 9-3/8 percent Series due 2017 at 106.94 percent plus accrued interest.
 The anticipated redemption date for the 8-5/8 Series due 2003 is July 15, 1993. The anticipated redemption date for the other two Mortgage Bond issues is June 15, 1993. The redemption of these issues is dependent upon the settlement of the $450 million of Mortgage Bonds sold today.
 /delval/
 -0- 5/5/92
 /CONTACT: George Shicora, 215-841-5741, or Bill Jones, 215-841-4129 both of Philadelphia Electric/
 (PE)


CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:

JM -- PH024 -- 4938 05/05/93 14:12 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 5, 1993
Words:426
Previous Article:DUFF & PHELPS: PHILADELPHIA ELECTRIC COMPANY $450 MILLION FIRST AND REFUNDING MORTGAGE BONDS RATED 'BBB+'
Next Article:NEW HOME SHOPPING CLUB OUTLET STORE READY TO OPEN DOORS; ST. PETERSBURG OUTLET TO FEATURE SUPER GRAND OPENING GIFTS
Topics:


Related Articles
PUBLIC SERVICE ELECTRIC & GAS CO. $450 MILLION BONDS RATED
PUBLIC SERVICE ELECTRIC AND GAS COMPANY SELLS $450 MILLION OF MORTGAGE BONDS, REDEEMS HIGHER COST DEBT
SAN DIEGO GAS & ELECTRIC DECLARES QUARTERLY DIVIDENDS, ISSUES $80 MILLION IN FIRST MORTGAGE BONDS AND CALLS TWO BOND SERIES
PUBLIC SERVICE ELECTRIC AND GAS COMPANY SELLS $600 MILLION OF MORTGAGE BONDS, ANNOUNCES PLAN TO REDEEM HIGHER-COST DEBT
PSE&G SELLS $250 MILLION OF MORTGAGE BONDS, ANNOUNCES PLAN TO REDEEM HIGHER-COST DEBT
PHILADELPHIA ELECTRIC $450 MILLION FIRST MORTGAGE BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --
NORTHERN ILLINOIS-GAS $50 MILLION 7-3/8 PERCENT FIRST MORTTGAGE BONDS DUE 2023 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --
PECO TO CALL TWO MORTGAGE BOND ISSUES
PECO ENERGY, PP&L RESOURCES SECURITIES OFF FITCHALERT EVOLVING -- FITCH FINANCIAL WIRE --
PUBLIC SERVICE ELECTRIC AND GAS COMPANY SELLS $350 MILLION OF MORTGAGE BONDS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters