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FLORIDA POWER CORPORATION SELLS $70 MILLION OF NEW FIRST MORTGAGE BONDS; CALLS FOR REDEMPTION OF ALL $70 MILLION OF 8 PERCENT SERIES A BONDS

 ST. PETERSBURG, Fla., March 3 /PRNewswire/ -- Florida Power Corporation announced today it has sold at competitive bidding $70 million of a new series of first mortgage bonds to an underwriting syndicate composed of Goldman, Sachs & Co., Mabon Securities Corp., Dillon, Read & Co. Inc. and Pryor, McClendon, Counts & Co., Inc.
 The bonds will bear interest at a rate of 6 1/8 percent per annum, mature on March 1, 2003 and are not redeemable prior to maturity except in the event of certain extraordinary circumstances.
 The underwriters have agreed to buy this series of bonds at a price of 98.673 percent of the principal amount thereof and intend to offer the bonds at an initial public offering price of 98.919 percent of the principal amount. The effective cost of money of these bonds to Florida Power is 6.306 percent.
 Florida Power will use the proceeds from the sale of this new series of bonds to redeem all $70 million of its outstanding first mortgage bonds, 8 percent Series A due 2003.
 In a separate statement, Florida Power Corporation announced today that it has elected to call for redemption on April 2, 1993 all $70 million of its outstanding first mortgage bonds, 8 percent, Series A, due 2003.
 The bonds will be redeemed at 103.16 percent of their principal amount, plus accrued interest from Dec. 1, 1992 to the date of redemption.
 Payment of the redemption price of the bonds will be made on the redemption date upon presentation and surrender of the bonds at the office of thep?orate Trust Operations Department of Morgan Guaranty Trust Company of New York, 55 Exchange Place, New York, NY.
 Florida Power is the principal subsidiary of St. Petersburg-based Florida Progress Corporation (NYSE: FPC) and serves 1.2 million customers in central and northern Florida.
 -0- 3/3/93
 /CONTACT: Will Rodgers of Florida Power Corporation, 813-866-4782/
 (FPC)


CO: Florida Power Corporation ST: Florida IN: UTI SU: OFR

AW-JB -- FL011 -- 2611 03/03/93 16:07 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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