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TOLEDO EDISON SELLS $245 MILLION OF FIRST MORTGAGE BONDS

 TOLEDO EDISON SELLS $245 MILLION OF FIRST MORTGAGE BONDS
 TOLEDO, Ohio, Aug. 5 /PRNewswire/ -- The Toledo Edison Company, a Centerior Energy (NYSE: CX) company, today sold two series of first mortgage bonds totaling $245 million for the purpose of redeeming four higher-cost series of bonds.
 The refinancing will result in annual savings of some $2.7 million, consistent with continuing cost-reduction efforts at Toledo Edison and Centerior.
 In one series, $100 million of bonds with a 7.25 percent interest rate were offered to the public at 99.89 percent to yield 7.27 percent over seven years. In the other series, $145 million of bonds with a 7.875 percent interest rate were offered to the public at 99.88 percent to yield 7.89 percent over 12 years. The bonds are noncallable during their lifetime.
 The underwriters are Morgan Stanley & Co. Incorporated, Citicorp Securities Markets, Inc., The First Boston Corporation, and Merrill Lynch & Co. The bonds are available from the underwriters, not Toledo Edison.
 Moody's Investors Service rates the bonds Baa3. Standard & Poor's and Duff & Phelps Inc. both rate the bonds BBB minus.
 The proceeds of the new bonds will be used to redeem, on Sept. 8, 1992, $100 million of Toledo Edison's first mortgage bonds 9-3/8 percent series due 1996, $34.328 million principal amount of 9 percent series due 2000, and $50 million principal amount of 9.65 percent series due 2006. The redemption prices per $1,000 principal amount of bonds are $1,013.40, $1,023.50, and $1,043.30, respectively, plus accrued interest. On Oct. 1, 1992, Toledo Edison will redeem $51.9 million of first mortgage bonds 9-5/8 percent series due 2008 at a redemption price of $1,049.80 per $1,000 principal amount of bonds plus accrued interest.
 Bondholders will receive instructions from The Chase Manhattan Bank, the trustee and redemption agent, for submitting their bonds.
 Proceeds of the bond sale remaining after the redemptions will be added to the company's general funds and used for general corporate purposes.
 -0- 8/5/92
 /CONTACT: Lee Bailey of Centerior Energy, 216-447-3235; or 216-623-1060 after hours/
 (CX) CO: Centerior Energy ST: Ohio IN: UTI SU:


KK -- CL010 -- 7169 08/05/92 14:32 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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