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HOUSTON LIGHTING & POWER SOLICITS PROPOSALS FOR FORWARD CONTRACTS

 HOUSTON LIGHTING & POWER SOLICITS PROPOSALS FOR FORWARD CONTRACTS
 HOUSTON, March 25 /PRNewswire/ -- Houston Lighting & Power Company (HL&P) announced today that it hereby solicits proposals for forward purchase contracts in connection with the refunding of pollution control revenue bonds issued on behalf of HL&P by the Brazos River Authority and the Matagorda County Navigation District Number One. The proposals should provide for a forward or delayed delivery of fixed-rate refunding bonds on the first redemption date of each series of bonds to be refunded. The refunding bonds, if issued, are to mature on the same date as the series to be refunded. Proposals are to be submitted by 5 p.m. on March 27, 1992 to Robert E. Smith of Houston Industries
Incorporated (NYSE: HOU). The forward purchase contracts will apply to refundings of those bonds of the following seven series which are not purchased pursuant to HL&P's pending tender offer:
 BRAZOS RIVER AUTHORITY
 Pollution Control Revenue Bonds
 (Houston Lighting & Power Company Project)
 9-7/8 percent Series 1982
 Principal Amount: $21,200,000
 Due: Oct. 15, 2012
 First Redemption Date: Oct. 15, 1992
 10-1/2 percent Series 1983
 Principal Amount: $25,000,000
 Due: Dec. 1, 2003
 First Redemption Date: Dec. 1, 1993
 10-5/8 percent Series 1983
 Principal Amount: $75,000,000
 Due: Dec. 1, 2013
 First Redemption Date: Dec. 1, 1993
 9-3/4 percent Series 1985A
 Principal Amount: $10,000,000
 Due: Aug. 1, 2005
 First Redemption Date: Aug. 1, 1995
 9-7/8 percent Series 1985
 Principal Amount: $100,000,000
 Due: Aug. 1, 2015
 First Redemption Date: Aug. 1, 1995
 BRAZOS RIVER AUTHORITY
 Pollution Control Revenue Refunding Bonds
 (Houston Lighting & Power Company Project)
 9-7/8 percent Series 1982
 Principal Amount: $21,600,000
 Due: Oct. 15, 2012
 First Redemption Date: Oct. 15, 1992
 MATAGORDA COUNTY NAVIGATION
 DISTRICT NUMBER ONE
 Pollution Control Revenue Bonds
 (Houston Lighting & Power Company Project)
 10 percent Series 1985A
 Principal Amount: $115,000,000
 Due: Oct. 15, 2015
 First Redemption Date: Oct. 15, 1995
 HL&P's pending tender offer is scheduled to expire on March 31, 1992. The consideration of forward purchase contracts was a possibility disclosed in material provided by HL&P in connection with its tender offer.
 HL&P is not obligated to accept any proposal and reserves the right to accept or reject any proposal in its sole discretion. HL&P does not expect to make any determinations with respect to the proposals until after the expiration of the pending tender offer.
 -0- 3/25/92
 /CONTACT: Robert Smith, 713-629-3125, or Sandra Brendler, 713-629-3123, both for Houston Lighting & Power/
 (HOU) CO: Houston Lighting & Power Company ST: Texas IN: UTI SU:


SH -- NY056 -- 1601 03/25/92 15:03 EST
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Publication:PR Newswire
Date:Mar 25, 1992
Words:450
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