TEP Announces Exchange Offer for First Collateral Trust Bonds, 7 1/2% Series a Due 2008.TUCSON, Ariz.--(BUSINESS WIRE)--Jan. 27, 1999--Tucson Electric Power Co. Wednesday announced that it has commenced an offer to exchange its outstanding $140 million principal amount of First Collateral Trust Bonds Collateral trust bonds A bond in which the issuer (often a holding company) grants investors a lien on stocks, notes, bonds, or other financial asset as security. Compare mortgage bond. , 7 1/2% Series A Due 2008, for an equal principal amount of First Collateral Trust Bonds, 7 1/2% Series B Due 2008, which have been registered with the Securities and Exchange Commission. The Exchange Offer commences today and will expire on Feb. 26, 1999. The Series A Bonds originally were issued and sold in August 1998 on a restricted basis to a limited number of institutional investors. Proceeds were used to redeem $137 million of First Mortgage Bonds that were scheduled to mature between 1999 and 2003. The Series B Bonds have the same terms as the Series A Bonds (principal amount, interest rate, maturity, security, etc.), but will be issued without a restrictive legend and may be reoffered and resold without restrictions or limitations. "This exchange should benefit current and future holders of the bonds by increasing the marketability and liquidity of these securities without increasing TEP's outstanding debt," said Ira R. Adler, TEP TEP Tucson Electric Power TEP Tomographie par Emission de Positons (French: Nuclear medicine imaging) TEP Technical Evaluation Panel TEP The English Patient (movie) TEP Transportation Enhancement Program executive vice president and chief financial officer. The bonds are rated BB+ by Standard & Poor's, BB by both Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co. and Ba3 by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. . Tucson Electric Power Tucson Electric Power (TEP) is an electric utility company serving southern Arizona in the United States. It is a subsidiary of the UniSource Energy Corporation. Tucson Electric Park, a baseball stadium on Tucson's south side, is named for TEP. Co., a wholly-owned subsidiary of UniSource Energy Corp. (NYSE NYSE See: New York Stock Exchange :UNS), is a Tucson-based utility engaged in the generation, purchase, transmission, distribution and sale of electric energy to retail and wholesale customers. UniSource Energy's other principal subsidiaries include New Energy Ventures, LLC, one of the nation's leading representatives for energy buyers; Nations Energy Corp., an independent power developer; Advanced Energy Technologies Inc., a developer of renewable energy and distributed generation technologies; Southwest Energy Solutions, and SWPP SWPP Storm Water Pollution Prevention Plan SWPP Society of Wedding & Portrait Photographers SWPP Southwest Power Pool (Little Rock, AR) SWPP Source Water Petition Program (EPA) Investment Co. |
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