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FLORIDA POWER CORPORATION SELLS $80 MILLION OF FIRST MORTGAGE BONDS

 ST. PETERSBURG, Fla., Feb. 2 /PRNewswire/ -- Florida Power Corporation announced today it has sold at competitive bidding a $80 million new series of first mortgage bonds to J.P. Morgan Securities Inc., as underwriter.
 The bonds will bear interest at a rate of 6 7/8 percent per annum, mature on Feb. 1, 2008 and are not redeemable prior to maturity except in the event of certain extraordinary circumstances.
 The underwriter has agreed to buy this series of bonds at a price of 98.590 percent of the principal amount thereof and intends to offer the bonds at an initial public offering price of 98.854 percent of the principal amount. The effective cost of money of these bonds to Florida Power is 7.029 percent.
 Florida Power will use the proceeds from the sale of this new series of bonds to redeem all of its outstanding $80 million 8 3/4 percent first mortgage bonds due in the year 2006.
 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- 2/2/93
 /CONTACT: Will Rodgers of Florida Power Corporation, 813-866-4782/
 (FPC)


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

JB-AW -- FL018 -- 2015 02/02/93 15:23 EST
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Publication:PR Newswire
Date:Feb 2, 1993
Words:218
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