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CENTRAL AND SOUTH WEST CORPORATION UNIT OFFERS FIRST MORTGAGE BONDS

 DALLAS, Feb. 2 /PRNewswire/ -- Central and South West Corporation (NYSE: CSR) announced today that on Feb. 1, 1993, Southwestern Electric Power Company (SWEPCO), one of its wholly owned operating subsidiaries, sold to underwriters in a negotiated offering $55 million of 6-5/8 percent First Mortgage Bonds, Series Y, due Feb. 1, 2003. After the issuance of the Series Y Bonds, SWEPCO has $135 million remaining on its shelf registration statement.
 The Series Y bonds are being offered to the public at 98.957 percent to yield 6.77 percent to maturity and are noncallable for life. The proceeds to SWEPCO were 98.307 percent, resulting in a cost of money of 6.86 percent. The new bonds are expected to be rated Aa2 by Moody's Investors Service, AA- by Standard & Poor's and AA+ by Duff & Phelps. Merrill Lynch & Co. is lead manager for the offering with Morgan Stanley & Co. Incorporated as co-manager. Net proceeds from the sale of the Series Y bonds will be used to refund SWEPCO's $50,950,000 outstanding principal amount of 8.85 percent First Mortgage Bonds, Series T, due May 1, 2016, at 106.11 percent of principal amount.
 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- 2/2/93
 /CONTACT: Wendy Hargus of Central and South West Corporation, 214-777-1277/
 (CSR)


CO: Central and South West Corporation ST: Texas IN: UTI SU: OFR

SH -- NY099 -- 2030 02/02/93 15:44 EST
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Publication:PR Newswire
Date:Feb 2, 1993
Words:271
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