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CENTRAL AND SOUTH WEST CORPORATION UNIT OFFERS FIRST MORTGAGE BONDS

 CENTRAL AND SOUTH WEST CORPORATION UNIT OFFERS FIRST MORTGAGE BONDS
 DALLAS, Sept. 10 /PRNewswire/ -- Central and South West Corporation (NYSE: CSR) announced today that on Sept. 9, 1992, Southwestern Electric Power Company, one of its wholly owned operating subsidiaries, sold to underwriters in a negotiated offering $40 million of 6-1/8 percent First Mortgage Bonds, Series W, due Sept. 1, 1999, and $90 million of 7 percent First Mortgage Bonds, Series X, due Sept. 1, 2007. The bonds are the first issuance under Southwestern Electric Power Company's $320 million shelf registration.
 The Series W bonds are being offered to the public at 99.438 percent to yield 6.23 percent to maturity, and the Series X bonds are being offered to the public at 98.874 percent to yield 7.12 percent to maturity. Both series are noncallable for life. The new bonds are rated Aa2 by Moody's Investors Service, AA- by Standard & Poor's and AA+ by Duff & Phelps. The First Boston Corporation is lead manager for the offering with Goldman, Sachs & Co. and Smith Barney, Harris Upham & Co. Incorporated, as co-managers.
 Net proceeds from the sale of the new bonds will be used to refund the following Southwestern Electric Power Company First Mortgage Bonds:
 -- $35 million principal amount of the 9 percent Series K, due Dec. 1, 1999, at 102.30 percent of the principal amount;
 -- $45 million principal amount of the 8-3/4 percent Series N, due May 1, 2006, at 103.93 percent of the principal amount;
 -- $50 million principal amount of the 8-3/4 percent Series O, due Aug. 1, 2008, at 104.53 percent of the principal amount.
 The bonds will be called at the redemption price plus accrued interest on Oct. 14, 1992.
 Central and South West Corporation, a Dallas-based public utility holding company, owns four electric subsidiary companies that provide service to portions of Texas, Oklahoma, Louisiana and Arkansas. It also owns an Oklahoma intrastate natural gas pipeline subsidiary and four other subsidiaries.
 -0- 9/10/92
 /CONTACT: Wendy Hargus, director of investor relations, of Central and South West Corporation, 214-754-1277/
 (CSR) CO: Central and South West Corporation; Southwestern Electric Power Co. ST: Texas IN: UTI SU:


LR -- NY039 -- 7956 09/10/92 11:07 EDT
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Publication:PR Newswire
Date:Sep 10, 1992
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