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PE ANNOUNCES REFUNDING OF $29.54 MILLION OF TAX-EXEMPT DEBT

 PE ANNOUNCES REFUNDING OF $29.54 MILLION OF TAX-EXEMPT DEBT
 PHILADELPHIA, May 29 /PRNewswire/ -- Continuing its successful policy of reducing its financing costs by eliminating high-interest debt, Philadelphia Electric Company (NYSE: PE) announced today it had entered into arrangements for the refunding of $29.54 million of tax- exempt bonds issued in 1985 to finance pollution control facilities at the Limerick Generating Station.
 The effective annual interest savings from the transaction amounts to approximately $1.1 million.
 The tax-exempt bonds to be refunded are $22.89 million of Montgomery County Industrial Development Authority Pollution Control Revenue Bonds, 1985 Series A (Philadelphia Electric Company Project) and $6.65 million of the Authority's Pollution Control Revenue Bonds, 1985 Series B (Philadelphia Electric Company Project) which are to be purchased by PE from two institutional investors.
 In order to pay a portion of the purchase price of the 1985 Bonds to be purchased by PE, the Authority has agreed to sell $29.54 million aggregate principal amount of Pollution Control Revenue Refunding Bonds, 1992 Series A (Philadelphia Electric Company Project). The 1992 Series A Bonds will bear interest at 6-5/8 percent per annum and will mature June 1, 2022, and are being offered at a price of 99.674 percent. The proceeds of the 1992 Series A Bonds, together with other funds provided by PE, will be used to pay the purchase price of the 1985 Bonds being purchased by the company.
 /delval/
 -0- 5/29/92
 /CONTACT: Bill Jones of Philadelphia Electric, 215-841-4129/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:


CC -- PH035 -- 5263 05/29/92 14:58 EDT
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Publication:PR Newswire
Date:May 29, 1992
Words:271
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