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DUKE POWER CO. TO TENDER FOR BONDS

 CHARLOTTE, N.C., Aug. 10 /PRNewswire/ -- Duke Power (NYSE: DUK) today said that it is offering to purchase, through Merrill Lynch & Co., any and all of its outstanding 9 5/8 percent first and refunding mortgage bonds, due 2020, with a face value of $200 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 Feb. 28, 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 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, Aug. 19, 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 $200 million 30-year, 6 7/8 percent Series B first and refunding mortgage bonds, priced Aug. 10, to finance the tender.
 -0- 8/10/93
 /CONTACT: (Analysts) Myron Caldwell, 704-382-7066, or (Media) Randy Wheeless, 704-382-8379, both of Duke Power Company/
 (DUK)


CO: Duke Power Company ST: North Carolina, South Carolina IN: UTI SU:

MM -- CH003 -- 1331 08/10/93 16:05 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
Words:248
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