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NYSEG TO REDEEM TAX-EXEMPT BONDS

 BINGHAMTON, N.Y., Feb. 23 /PRNewswire/ -- On Feb. 23, 1993, New York State Electric & Gas Corporation (NYSEG) (NYSE: NGE) priced $100 million of 6.05 percent, 40-year, tax-exempt refunding bonds. The proceeds, which will be delivered in April 1994, will be used for the redemption of a total of $100 million of 12 percent and 12.3 percent tax-exempt bonds in May and July 1994. Those are the last double-digit debt issues on NYSEG's balance sheet. Customer savings will be $5.3 million annually ($51 million on a present value basis) once the redemptions are completed in 1994.
 The bonds, which will be insured by Municipal Bond Investors Assurance Corporation and rated Aaa/AAA, will be issued through the New York State Energy Research and Development Authority (NYSERDA).
 Long-term tax-exempt interest rates are currently at historical lows and could be higher in April 1994 when a refunding issue would normally be priced. As a result, it was decided to lock in the significant savings currently available rather than risk higher rates in the future.
 -0- 2/23/93
 /CONTACT: Ken B. Hooper, manager, media relations for NYSEG, 607-762-4407/
 (NGE)


CO: New York State Electric & Gas Corporation ST: New York IN: UTI SU:

KK -- CL012 -- 9513 02/23/93 14:39 EST
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Publication:PR Newswire
Date:Feb 23, 1993
Words:211
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