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MIDWEST POWER SYSTEMS ISSUES OFFER ON FIRST MORTGAGE BONDS

 DES MOINES, Jan. 18 /PRNewswire/ -- Midwest Power Systems Inc. (formerly Iowa Power Inc. and Iowa Public Service Co.) announced today an offer to purchase any and all of its outstanding First Mortgage Bonds, 10 1/2 percent Series due July 15, 2018, at a price of $1,110 per $1,000 principal amount plus accrued interest to the date of payment. The offer will remain open from Jan. 19, 1993 until 5 p.m. eastern time on Jan. 26, 1993, unless extended by Midwest Power Systems. The offer is part of the company's continuing effort to reduce costs.
 PaineWebber Inc. has been named dealer manager in connection with the offer. Questions relating to this offer should be directed to William B. Cameron of PaineWebber at 212-713-2280, collect.
 This announcement is neither an offer to purchase nor a solicitation of an offer to sell these securities. The offer is made only by a letter to the bondholders.
 Midwest Power Systems is the utility subsidiary of Midwest Resources Inc. (NYSE: MWR), a Des Moines-based utility holding company. Midwest Power Systems has two divisions: Midwest Power and Midwest Gas. Midwest Power provides electric service to 417,000 customers in Iowa and South Dakota. Midwest Gas serves 370,000 customers in Iowa, Minnesota, Nebraska and South Dakota. Midwest Resources operates its non-regulated interests through its Midwest Capital Group subsidiary.
 -0- 1/18/93
 /CONTACT: Sue Rozema of Midwest Power Systems, 515-281-2250/
 (MWR)


CO: Midwest Power Systems Inc. ST: Iowa IN: UTI SU:

BB -- DV005 -- 6023 01/18/93 17:07 EST
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Publication:PR Newswire
Date:Jan 18, 1993
Words:257
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