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CENTRAL AND SOUTH WEST CORPORATION UNIT OFFERS FIRST MORTGAGE BONDS

 DALLAS, July 6 /PRNewswire/ -- Central and South West Corporation (NYSE: CSR) announced today that Southwestern Electric Power Company (SWEPCO), one of its wholly owned operating subsidiaries, sold to underwriters in a negotiated offering $45 million of 7-1/4 percent First Mortgage Bonds, Series Z, due July 1, 2023. After the issuance of the Series Z Bonds, SWEPCO has $90 million remaining on its shelf registration statement.
 The Series Z bonds are being offered to the public at 98.874 percent to yield 7.34 percent to maturity, with proceeds to SWEPCO of 97.999 percent and a cost of money of 7.42 percent. The new bonds are not redeemable prior to July 1, 2003. The new bonds are expected to be rated Aa2 by Moody's Investors Service, AA- by Standard & Poor's and AA+ by Duff & Phelps. Goldman, Sachs & Co. is lead manager of the offering with Morgan Stanley & Co. Incorporated as co-manager. Net proceeds from the sale of the Series Z bonds will be used to refund certain of SWEPCO's higher cost outstanding first mortgage bonds.
 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- 7/6/93
 /CONTACT: Sharon Peavy, director of investor relations of Central and South West, 214-777-1277/
 (CSR)


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

TM -- NY064 -- 5839 07/06/93 16:45 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
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