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BONDS ISSUED BY MINNESOTA POWER

 DULUTH, Minn., Feb. 19 /PRNewswire/ -- Minnesota Power (NYSE: MPL) announced the sale on Feb. 18, 1993, of $50 million principal amount 15-year First Mortgage Bonds due March 1, 2008, bearing interest at 7 percent per year.
 The bonds have been offered to the public at 100 percent of par and thus yield 7 percent when held to maturity. The cost to Minnesota Power, after underwriting commissions, is 7.082 percent.
 Proceeds from the sale will be used, together with funds from operations, to redeem in late March 1993, $50 million principal amount of First Mortgage Bonds, 8.35 percent Series due 2007 at a price of 104.04 percent of the principal amount thereof, plus interest to the redemption date. Proceeds not immediately used for such purpose will be temporarily invested in short-term investments.
 The negotiated sale was underwritten by PaineWebber Incorporated. A prospectus relating to these securities may be obtained from this underwriting firm.
 The common stock of Minnesota Power is traded on the New York Stock Exchange.
 -0- 2/19/93
 /CONTACT: Warren F. Hudelson of Minnesota Power, 218-723-3934/
 (MPL)


CO: Minnesota Power ST: Minnesota IN: OIL SU:

KH -- MN011 -- 8472 02/19/93 14:49 EST
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Publication:PR Newswire
Date:Feb 19, 1993
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