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FLORIDA PROGRESS PRICES COMMON STOCK OFFERING

 FLORIDA PROGRESS PRICES COMMON STOCK OFFERING
 ST. PETERSBURG, Fla., May 15 /PRNewswire/ -- Florida Progress


Corporation (NYSE: FPC) today announced it has agreed to a public offering of 1.5 million shares of its common stock at $45.50 per share. An over-allotment option for another 225,000 shares has been granted to the underwriters.
 The offering will be sold to the public by a syndicate of underwriters headed by Merrill Lynch & Co., PaineWebber Incorporated and Raymond James & Associates, Inc. On April 22, Florida Progress filed a shelf registration statement with the Securities and Exchange Commission to register the offering and sale of up to 1,725,000 new shares of common stock.
 Net proceeds from the new shares are expected to be approximately $66.4 million, assuming the over-allotment option is not exercised. The proceeds will be added to the company's general funds and be used primarily to provide equity funds to its largest subsidiary, Florida Power Corporation.
 This announcement is under no circumstances to be construed as an offer to sell or as a solicitation of an offer to buy any of these securities. The offering is made only by the prospectus.
 Florida Progress is a diversified holding company with assets of $5 billion. Its principal operating company is St. Petersburg-based Florida Power, the state's second largest electric utility. Diversified operations include coal mining and transportation, life insurance, real estate and lending and leasing.
 -0- 5/15/92
 /CONTACT: Sally Everett of Florida Progress Corporation, 813-824-6440/
 (FPC) CO: Florida Progress Corporation ST: Florida IN: UTI SU: OFR


JJ-AW -- FL008 -- 0669 05/15/92 10:46 EDT
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Publication:PR Newswire
Date:May 15, 1992
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