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DUKE POWER CO. TO TENDER FOR BONDS

 CHARLOTTE, N.C., July 20 /PRNewswire/ -- Duke Power (NYSE: DUK) today said that it is offering to purchase, through Merrill Lynch & Co., any and all of its outstanding 10 1/8 percent Series B first and refunding mortgage bonds, due 2020, with a face value of $150 million.
 Merrill Lynch will serve as the exclusive dealer manager of the offering.
 The purchase price for a bond will be determined by using a yield to maturity of the U.S. Treasury 3 7/8 percent Note due April 30, 1995, at the time the holder agrees to tender such bond, plus a fixed spread of .15 percent (15 basis points). In addition, Duke Power will pay accrued interest to the date of the settlement.
 Bondholders may obtain the purchase price for the bonds at a particular time by contacting Marc Garcia or Michael Regan of Merrill Lynch: 212-449-4698 (collect).
 The offer to purchase expires at 5 p.m. EDT, July 29, 1993, unless extended by Duke Power. The date of settlement will be five business days after the date of each acceptance.
 Duke Power will use the proceeds from $150 million 40-year, 7 percent first and refunding mortgage bonds, priced July 20, to finance the tender.
 -0- 7/20/93
 /CONTACT: (Analysts) Myron Caldwell, 704-382-7066, or (Media) Randy Wheeless, 704-382-8379, both of Duke Power Co./
 (DUK)


CO: Duke Power Co. ST: North Carolina IN: UTI SU:

MM -- CH016 -- 3573 07/20/93 16:36 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
Words:244
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