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FLORIDA POWER CORPORATION SELLS FIRST MORTGAGE BONDS

 ST. PETERSBURG, Fla., Dec. 7 /PRNewswire/ -- Florida Power Corporation announced today it has sold at competitive bidding $100 million of a new series of first mortgage bonds to J.P. Morgan Securities Inc., as underwriter.
 The bonds will bear interest at a rate of 7 percent per annum and will mature on Dec. 1, 2023. The bonds will be redeemable at the option of Florida Power at any time on or after Dec. 1, 2003, and also will be redeemable upon the occurrence of certain extraordinary events.
 The underwriter has agreed to buy this series of bonds at a price of 98.957 percent of the principal amount and intends to offer the bonds at an initial public offering price of 99.375 percent of the principal amount. The effective cost of money of these bonds to Florida Power is 7.085 percent.
 Florida Power will use the proceeds from the sale of this new series of bonds for the repayment of commercial paper and for general corporate purposes.
 Florida Power Corporation 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- 12/7/93
 /CONTACT: Will Rodgers of Florida Power Corporation, 813-866-4782/
 (FPC)


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

RK-AW -- FL007 -- 1397 12/07/93 15:40 EST
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Publication:PR Newswire
Date:Dec 7, 1993
Words:226
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