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FIRST BOSTON ANNOUNCES OFFERING OF VIRGINIA ELECTRIC & POWER COMPANY

 NEW YORK, April 21 /PRNewswire/ -- The First Boston Corporation announced today the public offering of $135 million principal amount of Virginia Electric and Power Company, 5-7/8 percent First and Refunding Mortgage Bonds, Series C, due April 1, 2000 at 99.311 percent of their principal amount, plus accrued interest, if any, from April 28, 1993 to yield 5.98 percent. The bonds are non-callable prior to maturity.
 Associated with the First Boston Corporation in the bid are Salomon Brothers Inc; Daiwa Securities America Inc.; PaineWebber Incorporated; Prudential Securities Inc.; UBS Securities Inc.; Yamaichi International (America) Inc.; and Tucker Anthony Incorporated. The underwriters were awarded the issue on their bid of 6.037 percent cost of funds to the Company.
 The net proceeds form the sale of the Bonds will be used to redeem the Company's outstanding First and Refunding Mortgage Bonds Series V, 6-7/8 percent due Dec. 1, 1997 and Series W, 7-1/8 percent due Jan. 1, 1999.
 The company, a wholly owned subsidiary of Dominion Resources, Inc., is a regulated public utility engaged in the generation, purchase, transmission, distribution and sale of electric energy within a 30,000 square mile service area in Virginia and in northeastern North Carolina. It transacts business as Virginia Power in Virginia and as North Carolina Power in North Carolina.
 -0- 4/21/93
 /CONTACT: Joseph D. Fashano, vice president of The First Boston Corporation, 212-909-2107/
 (D)


CO: Virginia Electric and Power Company ST: Virginia IN: UTI SU: OFR

LR -- NY058 -- 8696 04/21/93 11:41 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
Words:257
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