DUFF & PHELPS: CITY OF PETERSBURG, IND. $54.65 MILLION POLLUTION CONTROL REFUNDING REVENUE BONDS, RATED 'AA'
CHICAGO, Sept. 28 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `AA' (Double-A) to the City of Petersburg, Ind.'s dual offering of $24.65 million pollution control refunding revenue bonds, Series 1993B, due 2017, and $30 million pollution control refunding revenue bonds, Series 1993C, due 2023 (Indianapolis Power & Light Company Project). Proceeds will be loaned to Indianapolis Power & Light under a loan agreement and will be used to redeem outstanding pollution control revenue bonds. The bonds will be collateralized by Indianapolis Power & Light's first mortgage bonds. Indianapolis Power & Light's construction expenditures during the next five years are expected to total over $1 billion, primarily for compliance with clean air legislation and construction of generating plant. It is expected that the company will balance debt sales with the sale of common equity to maintain its capital structure. This pattern is typical of Indianapolis Power & Light's history, as it has built to meet load growth. Regulation in Indiana has been properly supportive through past building cycles. Regulatory recognition of the increased expenditures will be necessary again. Parent IPALCO Enterprise's. Inc. has terminated its offer to acquire PSI Resources, Inc. for $1.7 billion. The company will continue to examine its options. Indianapolis Power & Light provides electric service to over 385,000 customers in Indianapolis and surrounding area. -0- 9/28/93 /CONTACT: John C. Dell of Duff & Phelps Credit Rating, 312-368-3161/ (IPL)
CO: Indianapolis Power & Light Company ST: Indiana, Illinois IN: OIL SU: RTG
LD -- NY093 -- 6554 09/28/93 17:20 EDT
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|Date:||Sep 28, 1993|
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