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VIRGINIA POWER PLACES BONDS ON MARKET

 VIRGINIA POWER PLACES BONDS ON MARKET
 RICHMOND, Va., Feb. 25 /PRNewswire/ -- Virginia Power offered for


sale today $680 million in first and refunding mortgage bonds in maturities of three, five and 12 years.
 Funds raised through the sale of bonds will be used to retire outstanding first and refunding mortgage bonds carrying high coupon rates.
 "This is the largest issue of securities the company has ever sold and we are pleased that the proceeds will be used to reduce interest expenses. The retirement of these high-coupon bonds will allow Virginia Power to hold down costs to electric customers," said O.J. Peterson III, senior vice president and chief financial officer, Dominion Resources Inc., the parent of Virginia Power.
 Merrill Lynch & Co., the First Boston Corp., Lehman Brothers and Solomon Brothers Inc. are co-underwriters for the issue.
 -0- 2/25/92
 /CONTACT: James W. Norvelle of Virginia Power, 804-771-6115/ CO: Virginia Power ST: Virginia IN: UTI SU: OFR


KD-SM -- NY080 -- 2546 02/25/92 17:06 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 25, 1992
Words:166
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