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PE SELLS $250 MILLION OF MORTGAGE BONDS THROUGH COMPETITIVE BIDDING

PE SELLS $250 MILLION OF MORTGAGE BONDS THROUGH COMPETITIVE BIDDING
 PHILADELPHIA, Jan. 27 /PRNewswire/ -- Philadelphia Electric (NYSE: PE) announced today that it sold through competitive bidding $250 million of First and Refunding Mortgage Bonds, 7-1/2 percent 1992 Series due 1999.
 The Mortgage Bonds were purchased by a group of underwriters headed by Goldman, Sachs & Co. The winning bid had a coupon of 7-1/2 percent and a price of 99.159 percent, resulting in a net interest cost to the company of 7.6574 percent. The Mortgage Bonds are being offered to the public at 99.50 percent for a yield of 7.593 percent. The Mortgage Bonds will be issued in fully registered form and are non-callable.
 The company said it does not intend to apply for listing of the Mortgage Bonds on any stock exchange.
 Additionally, the board of directors today approved the call of the $150 million 10-7/8 percent First and Refunding Mortgage Bonds and the $100 Million 10-3/8 percent Debentures in their entirety with the funds for the refunding to be provided from the net proceeds of today's sale of Mortgage Bonds.
 The anticipated redemption date for both issues is March 16, 1992. The redemption price for the 10-7/8 percent First and Refunding Mortgage Bonds is 101.52 percent plus accrued interest. The redemption price for the 10-3/8 percent Debentures is 101.48 percent plus accrued interest. The redemption of both issues is dependent upon the settlement for the $250 million of Mortgage Bonds sold today.
 /delval/
 -0- 1/27/92
 /CONTACT: Bill Jones of Philadelphia Electric, 215-841-4129/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:


CC -- PH035 -- 3913 01/27/92 16:34 EST
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Publication:PR Newswire
Date:Jan 27, 1992
Words:286
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